If the interest rate is 15%, what is the future of value of $10,000 two years from now?
A. $13,225
B. $225
C. $13,000
D. $7,576
A. $13,225
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We use indifference curves because
A) households on average do not care. B) they help represent preferences. C) households sometimes make mistakes. D) they formalize the production process.
At the output rate at which diminishing marginal product begins, a firm will experience
A) constant average total costs. B) increasing average fixed costs. C) increasing marginal costs. D) decreasing average variable costs.
What is the relationship between marginal cost and marginal product?
a. The two are not related. b. When marginal product increases, marginal cost increases. c. When marginal product increases, marginal cost falls. d. When marginal product is negative, marginal costs are negative. e. When diminishing marginal returns set in, marginal costs fall.
The concept of economic rent is associated with the economist
A. David Ricardo. B. John Maynard Keynes. C. Adam Smith. D. Karl Marx.