Which of the following is a unique provision of NAFTA?
A) tariff elimination
B) common currency
C) environmental standards
D) immigration oversights and policies
C) environmental standards
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At Olive’s Oranges customers may pick oranges from a 100-tree orchard at the price of 15¢ per orange. Olive’s orchard currently produces 8,000 oranges annually. Olive estimates that installing a new irrigation system would increase her annual yield by 200 oranges, beginning next year. The irrigation system requires an immediate cost of $600.
(i) Calculate the marginal product of capital for the irrigation system. Express your answer as a percentage of the cost of the capital. (ii) Suppose the interest rate is 4%. Should Olive invest in the irrigation system? Why or why not? (iii) Repeat part ii for an interest rate of 8%.
A real shock is shown in the AD/AS model as:
A. a shift in the AD curve only. B. a shift in the LRAS curve only. C. a shift in the LRAS, SRAS, and AD curves. D. a shift in both the LRAS and SRAS curves.
Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus. Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost (Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAOn the basis of Table 1.1, what is the opportunity cost of producing at point S rather than point T?
A. 0.9 Stealth bombers. B. 1 Stealth bomber. C. 1 B-1 bomber. D. 10 Stealth bombers.
In the short run, the marginal-revenue product curve is ________ because of ________.
A. downward sloping; diminishing returns B. upward sloping; increasing returns C. downward sloping; increasing returns D. upward sloping; diminishing returns