The marginal benefit of the first hotdog consumed is ________ the marginal benefit of the fifth hotdog consumed
A) equal to
B) less than
C) greater than
D) the inverse of
E) equal to 5 times
C
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Which of the following is a macroeconomic topic?
A) Why did production and jobs expand slowly in 2011? B) General Motors decides what prices to set for their new models. C) The federal government's decision to spend more on environmental protection D) The effect of floods in agricultural areas on the price and quantity of wheat E) The county government's decision to increase the sales tax for your county
There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The Herfindahl-Hirschman index is
A) 2738. B) 2664. C) 100. D) 88.
Crunchy Chips is a potato chip manufacturer. To produce the chips, Crunchy Chips needs to first peel and slice the potatoes and then fry them within two minutes of slicing to prevent browning. If Crunchy Chips is unable to fry the potatoes within two minutes, it must freeze the chips and later defrost them to fry them. Which of the following is true for Crunchy Chips?
A) Crunchy Chips faces a hold-up problem. B) Crunchy Chips has production technological interdependency. C) Vertically integrating the slicing and frying process will increase production costs. D) Crunchy Chips has no production technological interdependency.
Prejudice can generate market forces that lead to a permanent shift of an unfavored minority into low-wage jobs when the prejudice originates with
a. employees or customers b. employers, employees, or customers c. employees only d. employers or employees e. customers only