Assume a farmer is deciding whether or not to produce corn on an acre of land OR produce nothing on the ground leaving it lay idle. Which of these costs ARE likely to be 'MARGINAL' costs of producing corn? A = interest on a loan used to buy the land, B = property taxes, C = the corn seed, D = machinery (depreciation, repairs), E = weed control, F = fertilizer, G = hired labor to help with planting and harvest, H = income taxes, I = crop insurance, J = property insurance.
a) All are marginal costs
b) A, B
c) C, D, E, F
d) C, D, E, F, G, H, I
e) C, D, E, F, G, H, I, J
d) C, D, E, F, G, H, I
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The difference between exports and imports in GDP is called
A) import tariffs. B) net exports. C) net imports. D) gross imports.
As output increases
A) the difference between average total cost and average variable cost decreases. B) marginal cost increases continuously. C) average variable cost becomes smaller and smaller. D) the difference between average total cost and average variable cost becomes greater and greater.
All of the following will shift the labor supply curve except
A) an increase in labor force participation rate among women. B) a change in a country's immigration policy. C) an increase in the average age of retirement. D) an increase in the wage rate.
Land ownership or land tenure in colonial America was primarily acquired by settlers through
(a) purchase and the legal transfer of deeds from Native Americans. (b) the King granting property to favored individuals in feudal-like fashions. (c) "squatting" or freely settling and cultivating the land to gain private ownership over land. (d) purchase or otherwise legal transfer of deeds from colonial officials who received their rights to the land from the king of England.