If in the short run total product is decreasing as more workers are hired, then the marginal physical product is
A) increasing.
B) zero.
C) negative.
D) positive.
Answer: C
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A firm producing calculators and cell phones purchases new machinery that increases the productivity of producing calculators
Assuming that the number of calculators produced is measured on the horizontal axis and the number of cell phones produced is measured on the vertical axis, how will the introduction of the new machinery change the firm's production possibilities curve? A) The production possibilities curve will shift to the left. B) The production possibilities curve will shift rightward. C) The production possibilities curve will pivot rightward about the vertical axis. D) The production possibilities curve will pivot rightward about the horizontal axis.
In 2014, the price of peanuts was rising, which led peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. Suppose the effect on the buyers was larger than the effect on the sellers
Consequently, in the current market for peanut butter there is a ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) rise; an increase B) rise; a decrease C) fall; a decrease D) fall; an increase
Refer to Figure 9-8. Suppose the U.S. government imposes a $0.25 per pound tariff on rice imports. Figure 9-8 shows the demand and supply curves for rice and the impact of this tariff. Use the figure to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic rice growers with the tariff in place? d. Calculate the value of producer surplus received by U.S. rice growers with the tariff in place. e. What is the quantity of rice imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
Francis Lowell's Boston Manufacturing Company:
a. specialized in the production of one type of cloth. b. combined all stages of cloth production in one plant. c. sold its product throughout the U.S. d. used power looms for weaving. e. All of the above.