Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the marginal cost of producing 2 units of corn?
A) 0
B) 10 cents
C) $1.10
D) $2.00
E) $2.10
C
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Scarcity of resources implies that people must make decisions consistent with the means they have available to them.
Answer the following statement true (T) or false (F)
Use the following information to answer the next question. Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10% interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 each. Of the $75, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. What is the economic profit generated by Extreme Gaming in the first year?
A. $160,000 B. $280,000 C. $220,000 D. $155,000
A country has a current account deficit of -$100 billion. This implies that ________
A) payments to foreigners exceed payments received from foreigners B) its exports exceed its imports by $100 billion C) net factor payments from abroad is positive D) net transfers from abroad is positive
Thinking about the Coase theorem, the private solution yields __________ amount of efficiency and ___________ distribution of surplus as compared to a government solution.
A. the same; the same B. the same; a different C. a different; the same D. a different; a different