What type of cost is not relevant to the process of research and development or invention in general?
A. Fixed cost
B. Marginal cost
C. Variable cost
D. Social cost
Answer: B
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The Coase theorem reminds us that efficiency is all about ____________________ and says nothing about ______________________.
A. maximizing total surplus; the distribution of that surplus B. equitably distributing surplus; maximizing that surplus C. who gets the most surplus; whether that's a fair outcome D. None of these statements is true.
In the United States during the period from 1870 to 1940, the price level was most likely to
a. fluctuate. b. increase. c. decrease. d. trend generally upward.
When quantities of two goods belong to the same indifference curve, which of the following is true?
A. The combinations of the two goods along the indifference curve yield the same total utility. B. Prices of the two goods are equal. C. Marginal utilities of both goods are equal. D. The total utility of all combinations above the curve equal zero.
If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $40 per unit. If the instructor is paid $ 30,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. No, the MRP of the instructor is higher than the wage. D. No, the wage is higher than the instructor's MRP.