A decision at the margin Eleanor is a hard-working college senior. One Thursday, she decides to work nonstop until she has answered 50 practice problems for her economics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50 Use the table to answer the following questions. The marginal, or additional, gain from Eleanor's second hour of work, from 9:00 AM to 10:00 AM, is Points: 1 / 1 The marginal gain from Eleanor's fourth hour of work, from 11:00 AM to noon, is
What will be an ideal response?
15
5
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In the scenario above, which of the following actions will maximize the industry's economic profit?
A) Both firms comply with the agreement. B) Both firms cheat on the agreement, producing more than the agreed amount. C) One of the firms complies with the agreement while the other firm cheats, producing more than the agreed amount. D) Because the firms are colluding, the profit does not change regardless of whether the firms comply with agreement or cheat on the agreement.
Which one of the following people is frictionally unemployed? A steel worker who
A) decides to leave the labour force and become a full-time ballet student. B) becomes discouraged and stops looking for a job. C) is laid off but expects to be called back soon. D) loses her job because of technological change. E) gives up her job because she retires.
The governments of some nations answer the question of what to produce to
a. enhance free trade b. control the economy c. make people dependent on the government. d. make the economy worse
Which of the following would be expected to shift the consumption function down?
A. increases in real disposable income B. expectations of more business profits ahead C. increases in wealth D. decreases in the nation's population