The above table shows the total product schedule for Hair Today, a hair styling salon. Based on the table, the marginal product for Hair Today
A) never reaches a maximum.
B) decreases after the 1st worker.
C) reaches a maximum with the 4th worker.
D) reaches a maximum with the 3rd worker.
E) reaches a maximum with the 5th worker.
D
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One reason why firms replace markets for some activities is that firms
A) reduce the number of transactions required. B) enable individuals to avoid a large portion of their taxes. C) reduce the rate at which the product is wasted. D) do not require team production.
Refer to Figure 9.7. After the policy, consumer surplus became
A) $0. B) $10. C) $20. D) $20,000. E) $40,000.
If the government requires banks to keep 100 percent of their deposits on reserve, a $1,000 deposit in a checking account would lead to a $100,000 increase in the money supply
a. True b. False Indicate whether the statement is true or false
The GDP can overstate the economy because ___________.
a. it excludes self-production, increased leisure time, and improved health. b. it includes self-production, increased leisure time, and improved health. c. it excludes harm caused by pollution, crime, and income inequality. d. it includes harm caused by pollution, crime, and income inequality.