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Question
Refer to the table above. Pat's opportunity cost of the delivery of an extra pizza is the production of _____ pizza(s).
A. 12
B. 10
C. 3/2
D. 2/3
Answer
This answer is hidden. It contains 185 characters.
Related questions
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Larry has a comparative advantage in writing a term paper if he: A. can write a paper faster than the other students in class.
B. has an absolute advantage in writing a term paper.
C. always earns an A on his papers.
D. has the lowest opportunity cost for writing a term paper.
Q:
If Scout has an absolute advantage over Dill: A. Scout has more money than Dill.
B. the problem of scarcity applies to Dill, but not to Scout.
C. the problem of scarcity applies to Scout, but not to Dill.
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Large developed countries can produce more of practically everything than can small, less developed countries. Which of the following statements is true? A. The large country has no incentive to trade with the smaller country.
B. It would be impossible for the smaller country to have a comparative advantage in making any products that the larger country wants to buy.
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Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause: A. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
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Q:
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Q:
The cost-benefit principle indicates that an action should be taken: A. if the total benefits exceed the total costs.
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Q:
Refer to the table above. The Chairman of the Economics Department at What's AMatterU says that fundraisers should be hired as long as their marginal donations exceed their marginal labor costs. Following this criterion, __________ employees are hired and net benefits are __________.A. 1; $22,000B. 2; $25,426C. 3; $25,426D. 2; $3,476
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Refer to the table above. According to the cost-benefit principle, the level of activity that provides the largest net benefit is:A. 1B. 4C. 5D. 7
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Refer to the table above. The average benefit of 4 units of activity is:A. $4B. $5C. $6D. $10
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Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw? A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.
B. The cost-benefit principle is rarely true.
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D. The person is simply irrational.
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Q:
A rational person is one who: A. is reasonable.
B. makes choices that are easily understood.
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D. is highly cynical.
Q:
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B. Using the incentive principle to encourage homeowners to switch to solar energy.
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B. macroeconomics.
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Q:
Which of the following questions would not be answered in macroeconomics? A. What caused the great depression?
B. At what rate does the US economy typically grow?
C. Did the sharp increase in gasoline prices alter SUV sales?
D. How does government spending affect the economy?
Q:
Which of the following would not be analyzed in microeconomics? A. How to make the largest profit?
B. Whether to study or watch TV tonight.
C. How an early freeze in California will affect the price of fruit?
D. Whether the federal budget should always be balanced.
Q:
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B. the benefits from doing it increase.
C. everyone else is doing the same thing.
D. he is paid to do it.
Q:
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B. negative economics.
C. normative economics.
D. economic naturalism.
Q:
Positive economic principles are those that:A. are always correct.B. are influenced by political ideology.C. predict how people should behave.D. predict how people will behave.
Q:
Refer to the figure above. What is the price elasticity of supply at point B and C? A. 1/2; 3/4
B. 3/4; 1/2
C. 3; 2
D. 1; 1
Q:
An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf club is _____ so the supply curve is _______. A. 2; elastic
B. 2; inelastic
C. 4/3; elastic
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Q:
If you consume less of a good as your income increases: A. your demand curve is not downward sloping for that good.
B. the good must be an inferior good.
C. the good must not have any close substitutes.
D. your quantity demanded changed by a movement along the demand function.
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B. its minimum
C. its maximum
D. its maximum profit