Use the above table. The MFC of the 3rd worker is
A. $30.
B. $6.7.
C. $5.
D. $20.
Answer: A
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Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average total cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d
"If a union is only able to organize a few of the firms in an industry, it is unlikely that the union can substantially increase the wages of its members." This statement is
a. false; unions tend to be stronger when they concentrate on only a few producers in an industry. b. false; the demand for unionized workers will be more inelastic if only a few firms in the industry are unionized. c. false; all unions can increase the wages of their members. d. essentially correct.
Country A's tax system is more efficient than Country B's tax system if
a. Country A collects less tax revenue than Country B, and the cost to taxpayers is the same in both countries. b. Country A collects more tax revenue than Country B, even though the cost to taxpayers is greater in Country A than in Country B. c. the same amount of revenue is raised in both countries, but the cost to taxpayers is smaller in Country A than in Country B. d. the same amount of revenue is raised in both countries, but the taxes are collected in a shorter amount of time in Country A than in Country B.
The Affordable Care Act, signed by President Obama in 2010, attempted to solve the health care poverty problem by
A. increasing the income thresholds for Medicaid eligibility. B. requiring all employers to offer free health care to their employees. C. creating a single-payer system in which the government pays for all medical care. D. offering tax credits and subsidies to help low-income households afford insurance.