In the above table, what is the marginal cost to produce the 4th unit of output?
A. $55
B. $20
C. $60
D. $30
Answer: C
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In his article, "The Nature of the Firm," Ronald Coase
a. suggested that monopolies may be more innovative than competitive firms b. argued that the economy should be organized into one large firm c. provided an answer to the question, "Why do firms exist?" d. focused on the concept of adverse selection e. analyzed concentration in U.S. industry
Which of the following factors may lead to a decline in the real value of money?
a. Increase in the rate of interest b. Decline in aggregate demand in the economy c. Decrease in money supply d. Increase in the average price level e. Decrease in aggregate output
Life expectancy at birth for the world rose from 24 years to 26 years between 1000 and 1820, but by 2003, life expectancy had risen to
a. 36 years. b. 44 years. c. 52 years. d. 64 years.
Exhibit 2-11 Production possibilities curves
In Exhibit 2-11, which of the following could have caused the production possibilities curve to shift from the one labeled B to the one labeled A?
A. A major natural disaster. B. An increase in resources. C. An advance in technology. D. A decrease in unemployment.