Refer to Scenario 17.2. If the threshold educational level y* is set at 45,
A) only individuals in Group K will attain it.
B) only individuals in Group M will attain it.
C) individuals in both groups will attain it.
D) no individuals will attain it.
E) some fraction of individuals in each group will attain it.
D
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A farm is able to produce 10,000 bushels of peanuts per season on 10 acres. Assume it adds one more acre and is able to produce 12,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 10,000 bushels per acre per year. b. 1,200 bushels per acre per year. c. 2,000 bushels per acre per year. d. 12,000 bushels per acre per year.
Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors. b. goes public on the stock exchange. c. raises a large amount of sales revenue. d. achieves sufficient size to compete with foreign firms. e. earns enough profit as a result of the subsidies to remain in business.
Referring to a production possibilities curve and the goods being compared, depict the economic event. The SARS epidemic spreads rapidly throughout Toronto, Canada claiming millions of lives (capital vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
Which of the following statements is? true?
A. The closer the substitutes for a particular commodity and the more substitutes there? are, the more inelastic will be its price elasticity of demand. B. The larger the share of a? person's total budget that is spent on a? commodity, the greater that? person's price elasticity of demand is for that commodity. C. Elasticity of demand is greater in the short run than in the long run. D. The demand for necessities is likely to be? elastic, while the demand for luxuries is likely to be inelastic. E. All of the above.