Refer to Table 17.2. The marginal product of the fifth unit of labor is:
A. 50.
B. 40.
C. 30.
D. 20.
Answer: C
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Refer to the scenario above. Which of the following is likely to happen if Elly is known to be vengeful?
A) Neither of them will make money. B) Only Elly will make money. C) Only Elly's employee will make money. D) Both Elly and her employee will earn money.
If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
In 1949, Sycamore, Illinois built a hospital for about $500,000 . In 1987, the county restored the courthouse for about $2.4 million. A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000 . According to these numbers, the hospital cost about
a. $3.6 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars. b. $3.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars. c. $4.1 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars. d. $4.1 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
The time it takes the Fed to formulate a policy is referred to as:
A. the inside lag for monetary policy. B. the inside lag for fiscal policy. C. the outside lag for monetary policy. D. the outside lag for fiscal policy.