The cost of using an additional unit of an input is called the
A. marginal physical product cost.
B. marginal product of labor.
C. marginal factor cost.
D. marginal revenue product.
Answer: C
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Median household income is $50,000 per year. The typical household spends about $125 per year on milk, which has an income elasticity of about 0.07. From this information, we can conclude that
A) milk is a luxury. B) milk is a Giffen good. C) the income effect from a change in the price of milk is very large. D) the income effect from a change in the price of milk is very small.
For which of the following goods is the value of income elasticity most likely to be negative?
a. macaroni and cheese b. champagne c. airline tickets d. clothes e. toothpaste
If the four firms in an industry represented 40%, 30%, 20%, and 10% of the market, respectively, what would be the Herfindahl-Hirschman Index for this industry? What if the largest firm then divested into two equal sized companies?
a. 3,000 . 2,300. b. 2,300; 3,000 c. 3,000 . 5,400 d. 2,300; 5,400
In 2007, foreigners hold about _____ percent of the national debt
a. 25 b. 40 c. 10 d. 3 e. 75