All of the following are positive statements EXCEPT
A) the President of the United States in 2016 was Barack Obama.
B) California is in the United States.
C) migratory birds fly south for the winter.
D) a dog is man's best friend.
Answer: D
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In order to maximize utility, consumers _____
a. continue to make purchases until the marginal utility of each good is zero b. compare the marginal utilities of the last dollar spent on each good c. equate the total utilities of each good consumed d. continue to purchase a good until total utility is equal to zero e. will continue purchasing till diminishing marginal utility is not achieved
Specialization of labor refers to the
a. use of more skilled versus unskilled labor b. division of labor c. opportunity costs of using labor d. law of increasing costs associated with labor e. comparative advantage of labor-using economies
Exhibit 8-10 Price and cost data for a firm Q P AVC ATC MC 0 $12 ? ? ? 1 12 3 5 5 2 12 5 6 7 3 12 7.3 8 12 4 12 9.5 10 16 In Exhibit 8-10, MR is the same as which column?
A. Q. B. P. C. AVC. D. ATC. E. MC.
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. At the price of ________ cents per apple, the United States imports 6 million apples per day.
A. 20 B. 30 C. 40 D. 60