The improved health of a nation can increase:
A. economic growth and malnutrition among children.
B. productivity of workers and fiscal policy spending.
C. the productivity of workers and economic development.
D. economic development and illiteracy.
Answer: C
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The marginal product of the 40th input item is
A. 100. B. 10. C. 20.5. D. 80.
Which of the following would be considered a "leisure" activity by economists?
A. Mopping the floor at McDonald's for minimum wage B. Folding sweaters while working at the Gap C. Mopping your kitchen floor D. None of these activities would be considered leisure.
A basic problem with the infant-industry argument is that:
A. most industries need protection when they are mature, not when they are first established. B. the amount of the tariff is unlikely to have much impact on the success of an infant industry. C. political pressure will likely prevent the withdrawal of the tariff when the industry matures. D. domestic consumers will continue to buy the foreign products anyway, regardless of the tariff.
Price and total revenue are inversely related when demand is
A. perfectly price inelastic. B. price elastic. C. price inelastic. D. unit price elastic.