If you are running a winery and you need one bottle for every 750ml of wine, then your production function
A) is inefficient.
B) is considered "fixed-proportion."
C) will have a diminishing marginal rate of technical substitution.
D) has downward-sloping, straight line isoquants.
B
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The base year is 2010. A country only produces MP3 players. The price of an MP3 player in 2008 was $50. The price of an MP3 player was $30 in 2010. The quantity of MP3 players produced in 2008 was 10,000 units and in 2010 was 20,000 units
Nominal GDP in 2010 equals A) $500,000. B) $200,000. C) $1,000,000. D) $600,000. E) an amount that cannot be determined without information about real GDP in 2010.
Situation 35-2 ? Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 35-2. If Dan's MB/MC ratio for producing is currently greater than his MB/MC ratio for stealing, then he will
A. steal more and produce less. B. steal less and produce less. C. produce more and steal more. D. produce more and steal less.
A firm could experience diseconomies of scale if
a. One of its inputs is fixed b. Marginal costs are rising c. All of its inputs are variable d. Both A & B
The noise from the low altitude combat training the Air Force conducts over the Yippy I-O Ranch causes the ranch's cattle to lose weight. Which of the following actions is not consistent with recognition that the Yippy I-O has a property right to its skies? a. The Air Force equips its planes with mufflers
b. The Air Force compensates the Yippy I-O for the value of the lost weight. c. The ranch compensates the Air Force for the cost of moving the exercises to another location. d. The Air Force pays for cow earplugs for the ranch herd.