Refer to the data. When two workers are employed:
A. total product is 20.
B. total product is 18.
C. average product is 10.
D. total product cannot be determined from the information given.
B. total product is 18.
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Suppose that the interest rate paid to savers increases. As a result, Tom wishes to save less. This suggests that, for Tom,
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) utility maximization is not occurring. D) future consumption is a luxury.
What type of market exhibits product differentiation?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
The Earned Income Tax Credit is a federal program that
A. provides cash assistance to the nonworking poor. B. provides in-kind assistance to minimum wage workers. C. provides cash assistance to firms that hire single mothers living in poverty. D. increases wages for the working poor. E. increases the wages of minorities.
A country with no trade and no borrowing and lending relationships with other countries is known as a(n)
A) planned economy. B) market economy. C) open economy. D) closed economy.