Jones can brew 10 gallons of lager or 5 gallons of stout every three months, or any linear combination in between. Which statement below is true?
A) It costs Jones 5 gallons of stout for every 10 gallons of lager brewed.
B) It costs Jones 1 gallon of stout for every 2 gallons of lager brewed.
C) It costs Jones 1/2 gallon of stout for every 1 gallon of lager brewed.
D) All of the above are true.
D
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Which of the following is NOT a reason for average costs to fall according to the learning curve?
A) Workers accomplish tasks more quickly after doing the task a few times. B) Managers schedule more efficiently over time. C) Engineers determine more accurately what tolerances can be used. D) Suppliers may become better able to produce the exact inputs the firm needs. E) Competing firms leave the industry as the learning firm becomes more efficient.
Higher inflation results in
a. more frequent price changes and increased variability of relative prices. b. more frequent price changes and decreased variability of relative prices. c. less frequent price changes and increased variability of relative prices. d. less frequent price changes and decreased variability of relative prices.
Adam has 3 apples and 3 oranges. Eve has 2 apples and 2 oranges. The marginal utilities for Adam and Eve are summarized in the above table. Adam asks Eve to exchange one of her apples for an orange.
A. Eve will be willing to make the exchange, because her total satisfaction will remain unchanged. B. Eve will be unwilling to make the exchange, because she loses 15 utils of satisfaction. C. Eve will be unwilling to make the exchange, because she loses 5 utils of satisfaction. D. Eve will be willing to make the exchange, because her total satisfaction will increase.
Sports announcers often refer to a batter in a hitting slump as "being due." If they are correct, then it must be the case that
A) a batter's hits are randomly distributed. B) a batter's at-bats are related to each other. C) a batter's at-bats are independent of each other. D) baseball players are acting irrationally.