A firm will begin to experience diminishing returns at the point where
A. marginal product increases.
B. marginal cost decreases.
C. marginal cost increases.
D. Both B and C are correct.
Answer: C
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If the aggregate income of an island country is $8 million and income per capita is $5,000, the total population of the island is ________
A) 1,600 B) 106,000 C) 40,000 D) 20,000
Goodwill is listed as an asset on a firm's balance sheet
Indicate whether the statement is true or false
If the agent has more information than the principal and there is only one state of nature, then
A) efficiency in both production and risk-bearing can be achieved. B) only efficiency in production can be achieved. C) only efficiency in risk-bearing can be achieved. D) neither efficiency in production nor efficiency in risk-bearing can be achieved.
If one adopts a pure free market approach to depletable resources, then one can expect the price of resources to
a. rise steadily. b. fall steadily. c. fluctuate in a random-walk fashion. d. remain unchanged.