Table 3-2
Combination
Cotton
Corn
A
12
16
B
17
15
C
21
13
D
23
9
E
24
5
?
The concept of opportunity cost can be represented graphically by the
A. area inside the production possibilities frontier.
B. slope of the production possibilities frontier.
C. vertical distance from the horizontal axis to the production possibilities frontier.
D. horizontal distance from the vertical axis to the production possibilities frontier.
E. sum of the horizontal and vertical distances to the production possibilities frontier.
Answer: B
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Which of the following is not an advantage of starting a new business as a corporation?
A) separation of ownership and business liability B) possibility of double taxation C) ability to share risks D) enhanced ability to raise funds
Consider the following methods of pollution reduction:
a. the government sets a target for maximum emissions b. the government mandates the installation of specific pollution abatement equipment c. the government imposes a per unit tax on the good that creates pollution d. the government gives firms a tax rebate for every unit of pollution abated Which of the above is an example of a command-and-control approach to reducing pollution? A) a only B) b only C) a and b only D) a, b, and d only E) a, b, c, and d
From 1865 to 1900, the production of wheat, corn, and cotton
A. increased much more slowly than population growth. B. increased somewhat more slowly than population growth. C. increased at about the same pace as population growth. D. increased faster than population growth.
NAFTA is an example of a common market.
a. true b. false