ECO-251 EXAM 3 CORRECT 100%
If 14 workers produce a total of 25 cabinets and 15 workers produce a total of 30
cabinets, - ANSWERthe marginal product of the fifteenth worker is 5 cabinets
An author who writes newspaper columns for $75 each is deciding whether to purchase
a personal computer with a laser printer. She figures she'd be able to write two more
columns per month than she could on her typewriter. She should - ANSWERbuy the
computer if the monthly payment is less than $150
A firm will purchase additional units of a resource as long as each unit's -
ANSWERmarginal revenue product is greater than or equal to its marginal resource
cost
Poverty is - ANSWERa relative concept
In a market economy, income depends mostly on - ANSWERproductivity
For the typical consumer, present consumption is - ANSWERpreferred to future
consumption
The opportunity cost of producing capital is - ANSWERdecreased current production of
consumption goods
When family incomes are ranked from lowest to highest, the middle income is known as
the - ANSWERmedian income
Which of the following are complementary resources? - ANSWERa teacher and a
chalkboard
If the marginal resource cost of the tenth worker hired by a firm is $4 and the wage of
the tenth worker is $3, the firm will hire ten workers if the marginal revenue product of
the tenth worker is - ANSWERgreater than or equal to $4
If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and
17 workers produce 130 license plates, then - ANSWERthe marginal product of the
sixteenth worker is greater than the marginal product of the seventeenth worker
The difference between income and consumption is - ANSWERsaving
If the interest rate increases, the - ANSWERcost of borrowing will increase
If coal and oil are substitute inputs in the production of electricity, an increase in the
price of oil - ANSWERwill increase the demand for coal
If 14 workers produce a total of 25 cabinets and 15 workers produce a total of 30
cabinets, - ANSWERthe marginal product of the fifteenth worker is 5 cabinets
An author who writes newspaper columns for $75 each is deciding whether to purchase
a personal computer with a laser printer. She figures she'd be able to write two more
columns per month than she could on her typewriter. She should - ANSWERbuy the
computer if the monthly payment is less than $150
A firm will purchase additional units of a resource as long as each unit's -
ANSWERmarginal revenue product is greater than or equal to its marginal resource
cost
Poverty is - ANSWERa relative concept
In a market economy, income depends mostly on - ANSWERproductivity
For the typical consumer, present consumption is - ANSWERpreferred to future
consumption
The opportunity cost of producing capital is - ANSWERdecreased current production of
consumption goods
When family incomes are ranked from lowest to highest, the middle income is known as
the - ANSWERmedian income
Which of the following are complementary resources? - ANSWERa teacher and a
chalkboard
If the marginal resource cost of the tenth worker hired by a firm is $4 and the wage of
the tenth worker is $3, the firm will hire ten workers if the marginal revenue product of
the tenth worker is - ANSWERgreater than or equal to $4
If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and
17 workers produce 130 license plates, then - ANSWERthe marginal product of the
sixteenth worker is greater than the marginal product of the seventeenth worker
The difference between income and consumption is - ANSWERsaving
If the interest rate increases, the - ANSWERcost of borrowing will increase
If coal and oil are substitute inputs in the production of electricity, an increase in the
price of oil - ANSWERwill increase the demand for coal
