How did people like Mark Zuckerberg of Facebook and the late Steve Jobs of Apple become so rich?
a. mostly by stealing from those who were less fortunate
b. by acquiring more years of schooling than almost anyone else
c. by obtaining large subsidies from powerful politicians
d. by providing highly valued goods and services to consumers at attractive prices
d. by providing highly valued goods and services to consumers at attractive prices
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The rapid growth of China's economy relative to the United States has benefitted U.S. consumers because
A) U.S. consumers can purchase more lower-priced goods made in China. B) competition from China has made jobs harder to find in the United States. C) goods made in China are always of higher quality than goods made in the United States. D) the United States has comparative advantage in more goods than China does.
Refer to Scenario 3. The marginal cost of producing the sixth unit of output is:
A) $33.33 (approximate). B) $55. C) $200. D) $250.
Which of the following would be most likely to receive high economic rent payments?
A) farmer B) professional baseball player C) factory worker D) doctor
Producing more cabbage is efficient if
a. cabbage production can be increased without reducing production of other goods. b. the opportunity cost of more cabbage is less than its marginal utility. c. society values the additional cabbage more highly than the lettuce it must give up to produce the extra cabbage. d. All of the above are correct.