Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The marginal product of the third worker is
A. 2.
B. 3.
C. 4.
D. 12.
Answer: B
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When two U.S. firms announce a merger, and at least one of them meets the legal level of minimum sales, they must notify the:
a. Federal Trade Commission. b. Consumer Financial Protection Bureau. c. Better Business Bureau. d. Department of Commerce.
The three main factors of production, or categories of inputs, used by firms to produce goods and services are
What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910. b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process. c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process. d. The Grandy process replaced both the open-hearth process and older technologies.
The national defense argument for trade protectionism holds that
A) what is good for business is good for the country. B) what is good for consumers is good for the country. C) consumers' surplus rises by more than producers' surplus falls. D) producers' surplus rises by more than consumers' surplus falls. E) none of the above