A $2 tax per gallon of paint placed on the buyers of paint will shift the demand curve
a. downward by exactly $2.
b. downward by less than $2.
c. upward by exactly $2.
d. upward by less than $2.
a
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When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A) $10 B) $5 C) $15 D) $55
The price of a ride on the Washington, D.C. metro depends on the time of day you ride. This is an example of
A. exploitation. B. inefficiency. C. political interference with a market. D. pricing to spread out demand.
Other things constant, which of the following would you expect to increase the output growth rate of a country?
a. an increase in the rate of taxation on personal income b. an increase in the rate of investment as a share of total output c. passage of regulations restricting international trade d. passage of regulations restricting domestic trade
The production possibilities frontier is used to illustrate some basic economic ideas, including
a. scarcity. b. opportunity cost. c. economic growth. d. All of the above are correct.