In the table above, the marginal product of the 5th worker is ________ units per week
A) 2
B) 5
C) 10
D) 19
C
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An unintended consequence of price ceilings is:
A. the loss of surplus always outweighs the benefits of the policy. B. non-price rationing must occur, and can lead to bribes. C. the transfer of surplus from producer to consumer rarely is recognized. D. the producers increase the quality of the goods sold.
The book cites a result where after of the implementation of the congestion tax in Stockholm, Sweden of $1.50-$3.00, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of:
A. responding to incentives. B. the role of pricing in allocating resources. C. caveat emptor. D. comparative advantage.
Which of the following directly shifts the short-run aggregate supply curve?
A) a change in aggregate demand B) a change in the price level C) a change in resource prices D) all of the above
In the table above, the deadweight loss is zero when ________ umbrellas are produced and sold
A) 20 B) 40 C) 60 D) 80