When Burger Barn hires one worker, 20 customers can be served in an hour. When Burger Barn hires two workers, 50 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour.
A. 15
B. 30
C. 40
D. 67.5
Answer: B
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When spending and incomes in an economy increase,
A) imports are likely to increase. B) imports are likely to be unchanged. C) imports are likely to decrease. D) exports are likely to decrease.
An important determinant of the amount of grains harvested next year by Ethiopian farmers is the amount of seeds planted this year
Given that Western nations have guaranteed to donate five hundred tons of grain next year, this year the Ethiopian farmers will: A) plant more seeds as the food aid establishes a minimum price for grain. B) plant more seeds as the farmers' confidence is restored. C) plant the same amount of seeds as they would have without the food aid. D) plant fewer seeds as consumers demand for grain is completely price elastic. E) plant fewer seeds as the price of grain will be lower with the food aid.
Commitment strategies:
A. are not necessary to reach a mutually beneficial equilibrium in repeated games. B. are always needed to reach a mutually beneficial equilibrium in single-round games. C. usually fail to work. D. are not observed in reality.
The price of pie increases. Some people who purchased pie before the price increase no longer purchase pie. This is
A) a positive externality. B) a negative externality. C) a positive externality for some consumers and a negative externality for others. D) not an externality.