The extra benefit resulting from a small increase in an activity is called the:
A. opportunity cost.
B. marginal benefit.
C. marginal cost.
D. diminishing returns of the activity.
Answer: B
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Which of the following is true?
i. The advanced economies account for more than half of global production. ii. Almost four out of every five people in the world live in the developing economies. iii. In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies. A) Only i and ii B) Only ii and iii C) Only i and iii D) Only i E) i, ii, and iii
Early forms of colonial money included
a. wampum. b. tobacco. c. furs and hides. d. musket balls. e. All of the above.
Suppose a firm's technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
What will be an ideal response?
A decrease in supply is represented by a
a. movement downward and to the left along a supply curve. b. movement upward and to the right along a supply curve. c. rightward shift of a supply curve. d. leftward shift of a supply curve.