Which of the following is not a resource as the term is used by economists?
A. money
B. land
C. labor
D. buildings
Answer: A
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A good is rivalrous in consumption if
A. its consumption by one person reduces its consumption by others. B. it can be used to satisfy many needs (as compared to just one need). C. it can be used to satisfy many wants (as compared to just one want). D. its consumption by one person increases its consumption by others. E. a and c
Perfect substitutes
A) always have indifference curves with slopes of -1. B) always have indifference curves with slopes of 1. C) have fixed rates of trading off one good for another. D) have horizontal indifference curves.
A firm's profit is
A) usually negative when opportunity costs are included. B) the difference between marginal revenue and marginal cost. C) the opportunity cost of the firm's shareholders. D) the difference between revenue and cost.
If a farmer's opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false