All four market forms discussed in the text maximize profit where
A. P = MC.
B. AR = AC.
C. MR = MC.
D. MC = AR.
Answer: C
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If the current account has a positive balance of $100 and the capital and financial account has a negative balance of $90, there will be ________ in official reserves of ________
A) a decrease; $10 B) an increase; $10 C) an increase; $190 D) a decrease; $190
"Diminishing marginal returns" refer to a situation in which the
A) marginal cost of the next worker hired is less than the marginal cost of the previous worker hired. B) average cost of the next worker hired is less than the average cost of the previous worker hired. C) marginal product of the next worker hired is less than the marginal product of the previous worker hired. D) average product of the next worker hired is less than the average product of the previous worker hired.
The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. When the marginal social benefit of the last dozen doughnuts is equal to the marginal social cost
A) the efficient quantity is being produced and consumed. B) 200 dozen doughnuts are produced and consumed each day. C) an increase in production and consumption would increase efficiency. D) Both answers A and B are correct.
The practice of tenure at American universities is quite common
When a junior professor is approved for tenure he or she is promoted to associate or full professor and enjoys for all intents and purposes lifetime employment and protection against firing in the event that he or she's views are at odds with the university administration. While this policy has been in place for many decades across the country why is it that universities are hesitant to grant and do so only after careful evaluation of the candidate's work even though the salary they may have to contract is lower than what one might receive in the private sector.