Fred Ramirez is a farmer who charts the relationship between number of acres planted in corn and number of bushels of corn harvested. Which marginal concept can Fred measure with this data?
a. marginal utility
b. marginal product
c. marginal cost
d. marginal revenue product
e. marginal factor cost
B
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An expansionary monetary policy in the United States should
A) cause the dollar to appreciate. B) decrease the foreign currency price of U.S. exports. C) decrease net exports. D) decrease the dollar price of imports.
Which of the following is not a source of economies of scale?
A. Learning-by-doing. B. Labor specialization. C. Use of larger machines. D. Inelastic resource supply curves.
In a prisoners' dilemma game, which of the following strategies gives the best outcome for both prisoners?
A) Both deny (collusion). B) Both confess (not collude). C) One confesses while the other denies. D) none of the above
Explain the "tragedy of commons."
What will be an ideal response?