A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the average product of labor when three laborers are employed?
A. 3
B. 4
C. 5
D. 6
Answer: D
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A closed economy is one that does not trade with other nations in either goods or assets.
Answer the following statement true (T) or false (F)
The feedback effect can be thought of as a type of
A. social regulation. B. creative response. C. economic regulation. D. regulatory lag.
Calculate the value of the government purchases multiplier if the marginal propensity to consume equals 0.9, the tax rate equals 0.25, and the marginal propensity to import equals 0.15
What will be an ideal response?
Restrictions that limit sugar imports, subsidies for the construction of sports stadiums, and federal spending on programs like the construction of an indoor rain forest in Iowa all provide examples of government programs
a. based on careful analysis of benefits relative to cost. b. designed to redistribute income from the rich to the poor. c. that reflect the political attractiveness of special-interest issues. d. that promote the general welfare.