Farmers lobbying the government for agricultural price supports are engaging in rent-seeking behavior.
Answer the following statement true (T) or false (F)
True
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Refer to the table below. To increase output from 33 to 66 units requires ________ extra employee-hour(s); to increase output from 66 to 99 units requires ________ extra employee-hour(s).OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 2; 4 B. 1; 1 C. 2; 1 D. 1; 2
In the above figure, the slope across the arc between c and d is
A) 1/2. B) 1. C) 4/3. D) 2.
The law of diminishing marginal productivity states that
a. As you expand output, your marginal productivity eventually increases b. As you expand output, your marginal productivity eventually declines c. As you expand output, the total product eventually increases d. None of the above
Refer to Figure f. A benefit function is plotted in Figure f. The letter D represents the:
A. risk premium of the consumption bundle.
B. expected utility of the consumption bundle.
C. certainty equivalent of the consumption bundle.
D. expected consumption.