In this graph for the marginal costs and benefits of pollution controls, at output level Q2, pollution control is ______.
a. unnecessary
b. optimized
c. insufficient
d. excessive
d. excessive
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Which of the following will most likely have the greatest effect on an individual's consumption function?
a. winning a small amount in the lottery b. a one-time tuition grant c. a week of high overtime pay d. an inheritance paying a modest annual dividend
Colombia has an absolute advantage in
A. coffee and a comparative advantage in hot dogs.
B. neither coffee nor hot dogs, but a comparative advantage in hot dogs.
C. neither coffee nor hot dogs, but a comparative advantage in coffee.
D. neither coffee nor hot dogs, but a comparative advantage in both hot dogs and coffee.
Which is the best example of specialization?
A) a high school math teacher who teaches only calculus B) a firm that produces both luggage and cooking oil C) a person whose job includes accounting, personnel, and maintenance tasks D) a high school math teacher who teaches algebra and calculus
As long as marginal product of labor exceeds the average product of labor, then average product of labor
A. will stay unchanged. B. must rise. C. will be at its maximum value. D. must fall.