Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Refer to the table above. The farmer increased his total production of corn by 9 bushels per acre after applying:
A. the first bag of fertilizer.
B. the second bag of fertilizer.
C. the third bag of fertilizer.
D. the fourth bag of fertilizer.
Answer: C
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The income effect refers to the impact of a change in
a. income on the price of a good b. the general price level caused by a change in the price of another good c. the price of a good on real income d. the price of a substitute for the good under consideration e. demand when income changes
Figure 36-7
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In Figure 36-7, there are three aggregate expenditure functions (C + I + G + X? IM) for an open economy. Which of the following would cause a movement from C to B?
A. A European economic expansion B. An appreciation of the dollar C. A depreciation of the dollar D. An increase in the money supply
When indifference curves have ________ marginal rates of substitution, any interior choice that satisfies the tangency condition is the best affordable choice.
A. constant B. increasing C. declining D. positive
The total fixed cost function
A. is U-shaped. B. is a downward sloping line. C. is an upward sloping line. D. is horizontal.