At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $30 to play, would an individual gain or lose from playing the game?
a. Gain
b. Lose
c. Breakeven-neither gain nor lose
d. None of the above
a
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A.B. Denson Company had been employing 6 workers and 8 tons of raw materials, using 2,000 square feet of plant space. The firm increased its work force to 12 workers utilizing 16 tons of raw materials in a plant space increased to 4,000 square feet. Total number of units of output increased from 78 to 160. What kind of returns to scale is the firm experiencing? Defend your answer.
What will be an ideal response?
Samuelson and Solow argued that a combination of low unemployment and low inflation
a. was impossible given the historical data as summarized by the Phillips curve. b. could be achieved with an "appropriate" fiscal policy. c. could be achieved with an "appropriate" monetary policy. d. could be achieved with an "appropriate" mix of monetary and fiscal policies.
If a single-price monopolist sets price where the price elasticity of demand exactly equals 1, its
A) total profits are at a maximum. B) total revenue is at its maximum. C) total revenue is rising, although marginal revenue is falling. D) total revenue is falling. E) marginal revenue is always positive.
Refer to the below information and table. How much of the farmland will be rented?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. 200,000 acres
B. 300,000 acres
C. 400,000 acres
D. 500,000 acres