Number of WorkersTotal ProductMarginal Product00-1882 10325 430 5 3634 Refer to the above data. When two workers are employed:
A. total product is 18.
B. total product is 20.
C. average product is 10.
D. total product cannot be determined from the information given.
Answer: A
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Economists believe the Cost-Benefit Principle is:
A. a simple but useful model of how people should make choices. B. an interesting intellectual exercise with little applicability to the real world. C. of little use to those who wish to learn how to make better decisions. D. a comprehensive description all the factors that influence people's choices.
Scarcity is a problem:
a. because human wants are unlimited while resources are limited. b. only in industrialized economies. c. of the poor, but not the rich. d. measured by the amount of goods available.
In which of these industries would you expect the least elastic response from suppliers?
a. fast food b. soft drink c. road building d. aircraft e. Picasso paintings
A family of four with one wage earner who earns the minimum hourly wage would be
A. well below the poverty line. B. slightly below the poverty line. C. slightly above the poverty line. D. well above the poverty line.