Which one of the following statements best describes projected water demands in the coming decades?
a. Global water demand will increase, but agricultural demand will decrease
b. Water demand will increase significantly in all countries
c. Global water demand will increase mainly due to increased agricultural demand
d. Global water demand will increase mainly in developed countries
e. Global water demand will remain relatively constant
Ans: a. Global water demand will increase, but agricultural demand will decrease
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Refer to Table 13-2. What is the marginal profit from producing and selling the 5th case?
A) $275 B) $145 C) $35 D) $20
Some companies follow a strategy of sales maximization. They say that this puts them in close touch with their customers and they can better track the market, responding to needs more quickly. However, this increases costs because of the need to stock a wider variety of parts and sizes and colors, etc. What would make this strategy a profit-maximizing one?
The difference between the maximum amount consumers are willing and able to pay for each unit of a good and the amount consumers actually do pay is called:
a. consumer surplus. b. marginal benefit. c. marginal cost. d. productive efficiency.
Which of the following is correct?
a) Sometimes recessions are close together. b) Spending, income, and production do not fluctuate closely with real GDP. c) Recessions have never occurred very close together. d) Economic fluctuations are easily predicted by competent economists.