At Phil's Pretzel Stand, we found the following:
4 laborers produced 66 pretzels
5 laborers produced 76 pretzels
6 laborers produced 85 pretzels
7 laborers produced 88 pretzels
What was the marginal product of the sixth laborer?
A) 10 pretzels
B) 9 pretzels
C) 6 pretzels
D) 3 pretzels
Answer: B
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In an open economy, an increase in (G? T) will
A. decrease (X? IM). B. increase (X? IM). C. leave (X? IM) unchanged. D. have an unpredictable effect on (X? IM).
Which of the following statements is true?
A) The U. S. economy would gain from the elimination of its tariffs but not from the elimination of its quotas. B) The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas. C) Economic efficiency would be increased if the United States eliminated all of its trade restrictions, but only if all other countries eliminated their trade restrictions too. D) Eliminating its tariffs and quotas unilaterally would not benefit the United States because this would remove the leverage it would have to persuade other countries to eliminate their trade restrictions.
Refer to Figure 18-1. Area B + C + F + G represents
A) the portion of sales tax revenue borne by consumers. B) the portion of sales tax revenue borne by producers. C) the excess burden of the sales tax. D) sales tax revenue collected by the government.
The optimal level of air quality
a. is always zero b. occurs when the marginal social cost of air quality exceeds the marginal social benefit c. is greater if the marginal social benefit curve of air quality shifts rightward d. occurs when positive externalities are eliminated e. eliminates the common pool problem