Refer to the above table. The production of this good has been through the first 3 stages of production. What is the total value added in Stage 1 through 3?
A. $0.75
B. $0.07
C. $0.43
D. Cannot be computed without more information.
Answer: C
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Which of the following equations defines marginal revenue product?
A. MRP = P times Q. B. MRP = total cost. C. MRP = total revenue minus total cost. D. MRP = MPP times price of the product.
An economic explanation as to why individuals such as Bill Gates and LeBron James don't finish college is that:
A. the sunk cost of college is very high for them. B. the opportunity cost of college is very high for them. C. the benefits of additional college exceed the costs of additional college for them. D. the decision not to finish college is irrational.
The Smoot-Hawley trade bill of 1930, designed to save jobs and increase revenue for the federal government, resulted in
What will be an ideal response?
Studies of NAFTA have concluded that free trade caused ______ in the variety of U.S. imports from Mexico.
a. decreases b. increases c. no change d. slight decreases