Refer to Table 10.1. If the price of output is $2 per unit and the wage rate is $60, ________ workers should be hired.
A. five
B. six
C. seven
D. eight
Answer: B
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Marginal cost is:
A. the additional output a firm will get by employing one additional unit of input. B. the additional cost a firm will incur by producing one additional unit of output. C. the total cost a firm will incur by producing a given level of output. D. the costs that sit on the margin, that do not change regardless of the level of output.
A profit-maximizing monopolist produces an output level at which
a. marginal revenue is the greatest distance from marginal cost b. price is less than marginal cost c. the value to society of the last unit produced equals marginal cost d. marginal revenue equals marginal cost e. consumers wish to purchase less than what is produced because of high monopoly prices
If the MPC = 0.80, the cumulative decrease in total spending resulting from an initial $150 recessionary gap would be
A. $150. B. $187.5. C. $750. D. $500.
The contention that tariffs should be imposed to protect from import competition an industry that is trying to get started is
A) a basic argument for free trade. B) the infant industry argument. C) dumping. D) a voluntary restraint agreement.