Table 7.3 shows the number of workers and total output produced in a firm. In the table below, diminishing marginal returns set in with the addition of the _____. Number of workers Total output 0 0 1 10 2 40 3 100 4 140 5 160 6 170 7 150
a. ?fifth worker
b. ?seventh worker
c. ?third worker
d. ?fourth worker
e. ?first worker
Ans: d. ?fourth worker
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A possible reason to impose a protectionist policy such as a tariff is to
A) slow domestic production. B) protect domestic workers from foreign competition. C) aid other nations in developing their own industries. D) increase the welfare of domestic consumers.
In a short-run production process, the marginal cost is rising and the average total cost is falling as output is increased. Thus, marginal cost is
A) below average total cost. B) above average total cost. C) between the average variable and average total cost curves. D) below average fixed cost.
The price of coffee rose 50 percent and coffee sales fell 25 percent. Doughnut sales also fell 25 percent. From this information we can conclude that
a. demand for coffee is inelastic. b. coffee and doughnuts are complements. c. the cross elasticity of demand is minus 0.5 percent. d. All of the above are correct.
The lending facility that allows any bank to borrow reserves from the Fed is called the:
A. reserve window. B. discount window. C. borrower of last resort. D. reserve rate.