Marginal land is land
a. that is unprofitable under any circumstances.
b. that is the most productive in the area.
c. that is on the borderline of profitability.
d. of average productivity.
c
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In a simple macroeconomic model, replacing the assumption of exogenous investment with the accelerator theory of investment ________ the effect on equilibrium GDP of fiscal policy changes, and ________ the effect on equilibrium GDP of changes in
autonomous consumption. A) increases, increases B) increases, dampens C) dampens, increases D) dampens, dampens
The attempt to force employers to use more labor than they otherwise would, or to force employers to use labor inefficiently, is known as
A) a secondary boycott. B) a sympathy strike. C) a monopsony. D) featherbedding.
Which of the following problems are created by an information asymmetry
a. Moral hazard b. Adverse selection c. Both of the above d. None of the above
Suppose that two firms are producers of spring water, which can be obtained at zero cost. The market demand curve for their combined output is p = 100 - Q where p is the price and Q is the amount of spring water sold by both together. If the two producers act in accord with the Cournot model, their combined output will be
A. 66.66. B. 0. C. 50. D. 33.33.