Refer to the table shown. The average product when eight workers are employed is:Number of workersTotal output142103184285356417458489501049
A. 3.
B. 4.
C. 5.
D. 6.
Answer: D
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Suppose an economy has a balanced federal budget, and a favorable supply shock hits the economy. Tax revenues will ________ and expenditures on transfer payments will ________, resulting in a budget ________
A) fall; fall; deficit B) increase; fall; surplus C) fall; increase; deficit D) increase; increase; surplus
The price of bread in terms of gallons of milk per loaf is 0.6 and the price a gallon of milk in terms of pounds of butter per gallon is 1.2. What is the relative price of bread to butter?
A) 1.39 B) 0.6 C) 0.72 D) 0.50
Compare two economies A and B that start out with identical production possibilities curves. Economy A chooses an efficient point with 6 consumption goods and 3 capital goods, while economy B also chooses an efficient point, but with 4 consumption goods and 5 capital goods. In the future we can predict:
a. economy A will operate inefficiently. b. economy B will operate inefficiently. c. economy A and economy B will grow equally fast. d. economy A will grow faster than economy B. e. economy B will grow faster than economy A.
If a college enforces a new policy where anyone caught cheating is immediately expelled, the basic postulate of economics suggests that
a. cheating will be completely eliminated. b. fewer students will attempt to cheat. c. the amount of cheating will be unaffected. d. any of the above is possible because student behavior is unpredictable.