Marginal costs will begin to rise at the point where
A) fixed costs increase.
B) variable costs increase.
C) average variable costs increase.
D) diminishing marginal product begins.
Answer: D
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On a typical acre of land, Iowa can produce either 300 pounds of beef or 100 pounds of soybeans in a year. On a typical acre of land, Nebraska can produce 150 pounds of beef or 200 pounds of soybeans. Which of the following is correct?
A) Nebraska should produce soybeans because its opportunity cost of soybeans is lower. B) Iowa should produce soybeans because its opportunity cost of soybeans is higher. C) Iowa should produce soybeans because its opportunity cost of soybeans is lower. D) Nebraska and Iowa should divide each acre evenly between soybean and beef production. E) Nebraska should produce soybeans because its opportunity cost of soybeans is higher.
Refer to the scenario above. Jack will derive ________ units of utility if Jill tries to move the tree while he does not try at all
A) 5 B) -5 C) -2 D) 10
When an exchange rate changes so that one currency can buy more of another, we say the first currency is ___________ and the second currency is ___________.
A. appreciating; depreciating B. floating; pegged C. depreciating; appreciating D. pegged; floating
(Last Word) In 2011, Congress funded a sanctuary for white squirrels, a giant roadside coffee pot, and an antique bicycle museum. This is an example of:
A. the paradox of voting. B. pork barrel politics. C. the benefits-received principle. D. the adverse selection problem.