Consider the production possibilities curve [PPC] for a country producing only cheese and wine. The first few resources transferred from cheese to wine production are:
a. those that are most specialized in cheese production.
b. those that are most specialized in wine production.
c. those that are least specialized in cheese production.
d. those that are neither specialized in cheese nor wine production.
e. those that are highly specialized in both cheese and wine production.
c
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Which of the following is TRUE?
a. Maximizing division profits will always lead to maximizing company profit b. Maximizing division profits will always lead to minimizing company profit c. Maximizing division profits can sometimes lead to reducing company-wide profit d. Maximizing division profits has no effect on company-wide profits
Annie is an excellent baker and Sam has a plentiful farm. If Sam trades eggs and butter to Annie for some of Annie's bread and pastries,
a. only Sam is made better off by trade. b. only Annie is made better off by trade. c. both Sam and Annie are made better off by trade. d. neither Sam nor Annie are made better off by trade.
The table above gives the total cost information for Hank and Helen's cherry farm. They sell their cherries in a perfectly competitive market, where the price is $6.00 per pound. If Hank and Helen produce and sell 6 pounds of cherries, what is their profit?
Select one: a. $6 b. $20 c. $28 d. $8
The only variable that can affect a movement along the demand curve is
A) income levels. B) the price of the good itself. C) the number of buyers. D) the number of substitutes.