Refer to the diagrams. Assume that only wheat can be grown on the three grades of land shown in Figures (a), (b), and (c). Also assume that identical amounts of labor, capital, and other needed inputs are used in farming each grade of land. On the basis of these three figures, we can say that:
A. the land shown in both Figures (a) and (b) is a"free good."
B. the land shown in Figure (a) only is a "free good."
C. the land shown in all three figures is a "free good."
D. land is not a "free good" in any of the three figures.
B. the land shown in Figure (a) only is a "free good."
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A statistical tool used to measure inequality is
A) the absolute poverty rate. B) the relative poverty rate. C) the Lorenz curve. D) the Gini coefficient.
Federal government outlays include ________
A) transfer payments, grants to states, interest payments on the national debt and income tax revenues B) grants to states, interest payments on the national debt, income tax revenues and government purchases C) interest payments on the national debt, income tax revenues, government purchases and transfer payments D) government purchases, transfer payments, grants to states and interest payments on the national debt
Marginal revenue is defined as the
a. total revenue minus total cost b. change in total revenue divided by the change in the quantity of output c. price minus average total cost d. total revenue over the quantity of output e. quantity times price
Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $9?
A. 2 B. 4 C. 6 D. 10