The above table shows the short-run production function for Albert's Pretzels. The average product of labor
A) increases first and then decreases.
B) decreases first and then increases.
C) decreases throughout.
D) increases throughout.
C
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George purchased a $10,000 bond that pays a nominal interest rate of 8 percent per year. George's marginal income tax rate is 28 percent. Over the last year, inflation was 3 percent
Find George's before-tax real interest rate and his after-tax real interest rate.
If a natural monopolist is unregulated, then
A) the monopoly will produce efficiently from society's point of view. B) the monopoly will produce inefficiently from society's point of view. C) the monopolist will be earning just a normal rate of return on investment. D) the monopolist will determine the profit maximizing quantity by equating marginal cost to the demand curve.
If a person can make $70,000 as an accountant, $60,000 as a chef, $20,000 as a mechanic, and nothing as an opera singer, he or she has a comparative advantage in
A) accounting. B) being a chef. C) being a mechanic. D) opera singing.
Figure 17-9
Refer to . With trade and without a tariff,
a.
the domestic price is equal to the world price.
b.
carnations are sold at $8 in this market.
c.
there is a shortage of 400 carnations in this market.
d.
this country imports 200 carnations.