If two workers can produce 22 units of output, and the addition of a third worker increases output to 30 units, the marginal product of the third worker is
a. 8 units.
b. 10 units.
c. 22 units.
d. 30 units.
A
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The unemployment rate will decrease when
A) people get discouraged and quit looking for work. B) the age of the labor force increases. C) the average workweek falls from 40 to 39 hours. D) the duration of unemployment increases.
A Chinese restaurant wants to expand its business by acquiring a neighboring dry cleaner. In this case,
A) eminent domain would likely be used to reduce transactions costs. B) eminent domain would likely be used to reduce the holdout problem. C) eminent domain would not likely be used. D) eminent domain would likely be used because this transaction would increase cooperative surplus.
The most populous state in the U.S. is:
a. Illinois b. California c. Michigan d. Georgia
The price elasticity of demand for a particular good is influenced by which of the following factors?
a. b and c. b. The income of the buyers. c. The availability of substitutes. d. The level of competition among sellers. e. How many uses the good has.