Land can be used to grow commercial Christmas trees or pulpwood. Which is the more "economically efficient" use of the land?
A) Raising commercial Christmas trees
B) Raising pulpwood
C) Raising a mixed combination of commercial Christmas trees and pulpwood
D) It depends in part on the relative prices of Christmas trees and pulpwood.
D
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When the price of an asset is growing rapidly, speculators:
A. usually look for other investment opportunities. B. have a strong incentive to sell the asset before its price gets even higher. C. often rush to buy the asset in the hopes of selling it later at a profit. D. typically refrain from buying the asset because they know its price will eventually fall.
What is the value of marginal product of labor? What is the formula that can be used to calculate it? How does the value of marginal product affect how much labor a firm hires?
What will be an ideal response?
Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
A consumer purchases a book by driving across town to a bookstore, standing in line for five minutes to pay the cashier, and then pays $5
The same book is purchased by another consumer who spends 2 minutes placing the order over the internet for $10. The book necessarily cost the first consumer less. Indicate whether the statement is true or false