Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, and Winnie maximizes his profit when he employs 3 workers, the wage rate is
A) $25 per day.
B) $30 per day.
C) $70 per day.
D) $50 per day.
D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Which of the following would likely result in a shift of the aggregate demand curve to the right?
A) a rise in the real interest rate B) a decrease in the quantity of money in circulation C) a decrease in job security D) a tax cut
The U.S. tax code allows taxpayers to deduct the value of charitable contributions from their taxable income
Explain if this is an example of an incentive, and what effect this policy is likely to have on the amount of charitable contributions in the United States.
The table above shows the demand and costs for a single-price monopolist. The firm can maximize its profit by selling
A) 0 units. B) 20 units. C) 40 units. D) 60 units.