A factor of production is the same as:
A. the amount of a good produced.
B. the price of a good.
C. an opportunity cost.
D. a resource.
Answer: D
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Kinks in budget constraints always produce non-convexities in choice sets.
Answer the following statement true (T) or false (F)
The state Department of Agriculture raised the minimum price for a gallon of milk in the city on Tuesday to $4.37
"If you've got two or three kids and you're living on a fixed income and you're paying half your income on rent," Gioia said, "then you're really in a bind and you're making choices you should never have to make." If even after this price increase Gioia's marginal utility per dollar is higher for milk than for other goods, what should Gioia do? A) increase her consumption of milk B) decrease her consumption of milk C) not change her consumption of milk D) increase her consumption of milk only if her income increases
Which of the following statements about pollution or pollution control is TRUE?
A) A nationwide uniform tax on emissions is the appropriate way to reduce pollution levels. B) A tax to reduce pollution levels should be based on the economic damages rather than on the absolute amount of pollution. C) Private costs of pollution usually exceed social costs. D) The optimum amount of pollution abatement is where the total benefits of pollution abatement equal the total costs of pollution abatement.
If the nominal wages of carpenters rose by 5 percent in 2013 and the price level increased by 3 percent, then the real wages of carpenters:
A. decreased by 2 percent. B. increased by 2 percent. C. increased by 3 percent. D. increased by 8 percent.