When services are provided and financed by local rather than higher levels of government and people can move freely among governmental units,
What will be an ideal response?
people will be able to vote with their feet (choose combinations of taxation and government services more consistent with their preferences) as well as with their ballots.
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Refer to Table 20-15. Looking at the table above, real average hourly earnings in 2014 were
A) $9. B) $9.52. C) $10. D) $12.63.
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers., The value of the marginal product of capital is
A) $0.0147. B) $0.0213. C) $0.0597. D) $0.25.
To adjust from Net National Product to Gross National Product:
a) Add depreciation b) Deduct indirect taxes c) Add subsidies d) Add inflation
Table 30.2Number of stylists (per week)Total output (per week)Marginal physical product (output per stylist)Total revenue (dollars per week)Marginal revenue product (dollars per stylist)00---________---160________________________280________________________390________________________490________________________Table 30.2 shows how many hairstyling appointments a hair salon can schedule per week based on the number of stylists. In the spaces provided, compute the marginal physical product (MPP) of the hair stylists, total revenue, and marginal revenue product of the stylists, assuming that a hair stylist charges $60 per appointment. What is the marginal revenue product of the second hairstylist?
A. $80 per week. B. $1,200 per week. C. $4,800 per week. D. $20 per week.