Refer to the information provided in Table 23.4 below to answer the question(s) that follow.
Table 23.4
Refer to Table 23.4. Society's MPS is
A. 0.1.
B. 0.25.
C. 0.8.
D. 0.9.
Answer: B
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Refer to the above figure. Government policy that moved the economy from A to B would be accomplished by
A) a contractionary fiscal policy combined with an expansionary monetary policy. B) an expansionary fiscal policy combined with a contractionary monetary policy. C) a contractionary policy that would reduce the rate of inflation and would cause workers to remain unemployed longer than they were before. D) raising the minimum wage.
If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:
a. $0. b. $1. c. $15. d. greater than $15. e. less than $15.
Are abundant natural resources good or bad for economic growth?
Describe how a firm’s revenues and profits are increased through product innovation. What three other points should be noted about these results?
What will be an ideal response?