Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. A laissez faire policy.
B. A movement along the economy's production possibilities curve.
C. Privatization.
D. The law of increasing opportunity costs.
Answer: B
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The highest federal personal income tax bracket is _____ percent.
A. 28 B. 35 C. 36 D. 50
At Joey's Lawncutting Service, the production function is represented as: q = min(m, l), where q is the quantity of lawns mowed. The inputs are m, the lawn mower, and l, the laborer
Which graph in the above figure best represents the isoquants for Joey's Lawncutting Service when Capital per day is on the vertical axis and Labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
Successful advertising by a monopolist will
A. reduce the gap between the monopoly and competitive output. B. increase the gap between the monopoly and competitive output. C. cause the monopolist to overproduce. D. cause the monopolist to decrease output.
If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane's 7th hour of work equals:
A. 3 apartments B. 1 apartment C. 9 apartments D. 12 apartments