Which of the following would NOT be considered a determinant of marginal productivity?
A. training
B. talent
C. gender
D. experience
Answer: C
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The "law of demand" in economic theory asserts that
a. demand generates a supply sufficient to satisfy the demand. b. nothing will be produced unless there is a demand for it. c. people will purchase less of a good when its price rises. d. wants are indefinitely expansible and can never be fully satisfied. e. whatever people want will eventually be supplied.
Average fixed cost is
A) AC minus AVC. B) TC divided by Q. C) AVC minus MC. D) TC minus TVC.
In order for barter trades to occur, there must be a
a. singularity of interests. b. bargaining intermediary. c. double coincidence of wants. d. sufficient supply of cash.
Suppose a tax is imposed on producers of aluminum as a means of internalizing the externality associated with aluminum production. If the tax accurately reflects the external costs of pollutants released into the atmosphere, then the new supply curve for aluminum coincides with which other curve?