The main factor in determining how much one plot of land is worth relative to another plot is
A. its fertility.
B. the average amount of rainfall.
C. its location.
D. None of the choices are true.
C. its location.
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Figure 3-4
Which of the following would make point Q in Figure 3-4 attainable?
A. Full-employment policies B. A technological advance strictly applicable to the production of apples C. An increase in land available for agricultural use D. A transfer of available resources from apples to wheat production
Refer to Table 19-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?
A) $428,000 B) $267,000 C) $24,000 D) $1,424
Patti buys a new kind of cereal to try even though it's more expensive than her favorite kind. After a single bowl, Patti decides she does not care for the new cereal at all, and she:
A. forces herself to finish it, because she irrationally focuses on the sunk cost of the cereal. B. throws it away, because she irrationally spent money on something she had no information about. C. forces herself to finish it, because she rationally computes the cost per bowl. D. None of these is likely to happen for the reason stated.
The labor supply curve facing a monopsonist is:
a. downward sloping. b. upward sloping. c. a horizontal line. d. backward bending. e. a vertical line.