In the figure above, at point A the consumer is willing to give up ________ pounds of pickles to get one additional pound of olives
A) 8
B) 6
C) 1 1/3
D) 2
C
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Carefully define the following terms and explain their importance to the study of economics. a. Resources b. Rational decision c. Scarcity d. Opportunity cost
What will be an ideal response?
Describe the argument that education generates a positive externality. Why might this externality not be relevant in terms of economic efficiency?
What will be an ideal response?
Cost-benefit analysis is just a guide to making a normative decision
a. True b. False
According to data on Pennsylvania agriculture in the 18th century, increases in productivity were primarily due to:
a. increases in average farm size. b. increases in the amount of labor per farm. c. decreases in the land-labor ratio d. increases in the capital-labor ratio.