If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the marginal product of the third unit is
a. 20
b. 10
c. 4
d. 0
e. 6
C
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In the early 1960s South Korea was an extremely poor country. However, in 1963, the country began a remarkable economic ascent. What was a direct cause of this?
A) a shift in strategy that emphasized exports rather than imports B) an increase in wages C) an increase in the labor force D) an increase in the money supply E) an emphasis on education, leading to a highly productive labor force
When expectations of inflation are revised upward, the short-run Phillips curve: a. shifts rightward. b. becomes steeper. c. shifts leftward
d. becomes flatter.
Which of the following are examples of financial assets that pay a long-term interest rate?
A. Money and CDs B. Saving deposits and checking accounts C. Cash and currency D. Mortgages and government bonds
Dynamic tax analysis assumes that
A) an increase in a tax rate may lead to a decrease in the tax base. B) an increase in a tax rate will lead to an increase in the tax base. C) an increase in a tax rate will leave the tax base unchanged. D) the tax base will always remain unchanged.