The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 What's the average benefit of 4 car washes per month?
A. $14
B. $12
C. $4
D. $8
Answer: A
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In the above figure, the most efficient way to produce 15 units is to hire
A) 2 workers. B) 3 workers. C) 4 workers. D) 5 workers.
If the income effect is larger than the substitution effect, then a wage hike will be accompanied by an increase in the quantity of labor supplied
Indicate whether the statement is true or false
If the marginal propensity to consume is 0.75, the marginal propensity to save is
A) 0.25. B) 0.5. C) 1. D) 3.
Consider the statement, "The number of beers consumed the night before a test affects the grade." In this statement
A) beer is the dependent variable and test grade is the independent variable. B) beer is the independent variable and test grade is the dependent variable. C) both beer and grade are dependent variables. D) both beer and grade are independent variables.