If society decides it wants more of one good and all resources are fully utilized, then
A) additional resource supplies will have to be found.
B) it is unable to do this unless technology advances.
C) it has to give up some of another good and incur some opportunity costs.
D) more unemployment will occur.
C
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You decide to forgo a third slice of pizza and have a scoop of ice cream instead. This is an example of the economic concept of:
A. diminishing marginal utility. B. altruism. C. reciprocity. D. selfishness.
Suppose the nominal interest rate is 10 percent annually, and you deposit $1,000. Inflation in the economy throughout the year is 4 percent. At the end of the year, you have earned a real rate of interest of:
A. 4 percent. B. 6 percent. C. 10 percent. D. 14 percent.
Which of the following is not a probable consequence of food aid to developing countries?
a. Increased domestic food prices b. Declining domestic output c. Misallocation of food supplies d. Increased dependency on foreign food supplies e. Increased starvation of the needy
The marginal cost of catching a fish is the same as the average total cost at your current level of 3,000 fish. If the price you receive for fish is greater than the marginal cost of the 3,000th fish, you should
a. add another boat to your fleet b. decrease production until MC = MR c. increase production until MC = MR d. stop production at 3,000th fish e. decrease production until the marginal cost of the next unit is enough to pay for the workers, bait, and fuel