Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, and Andy has an unlimited income, how many units of potato chips will he consume?
A) 5
B) 6
C) 7
D) 8
E) none of the above
B
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Which of the following statements correctly describes the curves in the figure?
A) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve. B) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve. C) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A. D) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
According the principle of time inconsistency, the most important element of policy making is
a. predictability. b. transparency. c. credibility. d. judgment
Tax loopholes serve to
a. improve the incomes of the poor. b. erode the progressivity of the income tax. c. increase the progressivity of the income tax. d. decrease work incentives for the poor.
In 2011, about ____ percent of employed wage and salary workers belonged to unions
A. 8.4 B. 5.5 C. 14.8 D. 11.8