Which of the following was not an export of the Southern colonies?
a. deerskins
b. bulk unfinished iron
c. tobacco
d. rice
e. All of the above were exports from the Southern colonies.
e. All of the above were exports from the Southern colonies.
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Average revenue (AR) is equal to
a. total revenue/output. b. total revenue minus total cost. c. price per unit. d. both total revenue/output and price per unit.
If the golfers at Green Golf have nonidentical demands, the profit-maximizing user fee is ________ Green Golf's marginal cost.
A) one-half of B) less than C) equal to D) greater than
Suppose that milk producers expect that the price of milk is going to drop next week. This would cause
A) a decrease in the supply of milk today. B) an increase in the supply of milk today. C) an increase in the demand for milk today. D) the selling price of milk to rise today.
Given freedom of movement for both goods and resources, if Florida producers specialize in oranges and Georgia producers specialize in peaches, it would be reasonable to conclude that
a. the opportunity cost of growing oranges is higher in Florida than in Georgia. b. Georgia has a comparative advantage in producing oranges. c. Florida has a comparative advantage in producing oranges. d. total output will be expanded when Georgia allocates more resources to producing oranges and Florida allocates more resources to producing peaches.