Refer to Figure 7.1. What is the marginal product of the 25th worker?
A. 1.1 units of output
B. 22 units of output
C. 2 units of output
D. 10 units of output
C. 2 units of output
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You wish to buy only one CD. Use the rule of equal marginal utility per dollar to determine which one to purchase:
(a) Drake's latest CD for $15 which gives you 75 units of utility, or (b) Bob Dylan's "Shadows in the Night" for $10 that gives you 100 units of utility?
Assume that a doctor makes $200 per hour, a lawyer $250 per hour, an architect $140 per hour, a professor $50 per hour, and a waiter $35 per hour. Which of these professionals is most likely to spend time to negotiate with a car dealer?
a. The doctor b. The lawyer c. The architect d. The professor e. The waiter
Which of the following would be strictly a microeconomic topic?
a. a general rise in interest rates b. a drop in inflation c. an increase in total production in the United States d. a drop in the nation's unemployment rate e. an increase in the price of the Ford Taurus
The poverty line
A. is shifted downward from year-to-year. B. is constant. C. is raised from year-to-year. D. is tied to the unemployment rate.