At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the first two sales clerks is
A. 6.
B. 17.
C. 57.
D. 78.
Answer: C
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The only way that an economy can increase its rate of consumption in the long run is by increasing the amount that it produces
a. True b. False Indicate whether the statement is true or false
The federal budget process begins when federal agencies submit their budget requests to the:
a. Treasury Department.
b. Council of Economic Advisors (CEA).
c. Office of Management and Budget (OMB).
d. Congressional Budget Office (CBO).
During a recession, we generally see
a. real GDP rising and unemployment rising b. real GDP falling and unemployment rising c. real GDP rising and inflation rising d. real GDP rising and inflation staying stable
A 6 percent increase in the price of a good results in a 36 percent increase in the quantity supplied. In this case, the price elasticity of supply is ______.
a. –30 b. +6 c. +42 d. –216