Figure 34-4
?
In Figure 34-4, the opportunity cost of a unit of wheat in terms of cotton is
A. 1 for the United States and 5 for Egypt.
B. 20 for the United States and 2 for Egypt.
C. 1 for the United States and 2 for Egypt.
D. 20 for the United States and 10 for Egypt.
Answer: A
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Except for the output level for which short-run fixed capital is long run cost-minimizing, short-run average expenses incurred by the firm are higher than long run average costs.
Answer the following statement true (T) or false (F)
How did Adam Smith explain the cause of the wealth of nations?
A) The growth of the middle class B) The growth in the average level of prices C) The growth of the division of labor D) People's unending urge to consume
When the total external and internal costs of a transaction are taken into consideration, this is known as
A) public costs. B) average total costs. C) social costs. D) marginal costs.
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer is subject to present bias, he/she will consume ________ now and save ________ to maximize utility.
A. $12; $8 B. $18; $2 C. $12; $2 D. $0; $20