Refer to Table 7.1. What is the marginal product of the 3rd worker?
A. 4 units of output
B. 3 units of output
C. 15 units of output
D. 5 units of output
A. 4 units of output
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A(n) ________ is a tax on an imported good
A) export quota B) tariff C) voluntary export restraint D) import quota
Ramsey pricing is a good private enterprise basis for setting access prices
Indicate whether the statement is true or false
Which of the following statements about transfer payments is true?
a. Transfer payments are not included in total government expenditures. b. Transfer payments involve the international remittance of funds. c. Transfer payments refer to the transfer of money by the commercial banks to the people. d. Transfer payments are made by the government to taxpayers. e. Transfer payments are made when governments purchase goods and services.
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's economic profits are a. $160,000. b. $150,000. c. $135,000. d. $125,000.