Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Based on the data in the table, this Application addresses the economic concept of:
A. the marginal principle.
B. the principle of voluntary exchange.
C. the principle of diminishing returns.
D. the real-nominal principle.
Answer: C
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
Assume the current interest rate on a one-year bond is 7%, and the interest rate investors expect on the one-year bond one year from now is 3%
According to the expectations hypothesis, the current interest rate (per year) on a two-year bond should be A) 3%. B) 5%. C) 7%. D) 10%.
Bob is unemployed because his skills have become obsolete due to technological advances. This is ____ unemployment.
A. frictional B. structural C. cyclical D. seasonal
In a decreasing-cost industry, an increase in industry output will
A. lead to a lower market price. B. shift each firm's average fixed cost curve up. C. shift each firm's short run supply curve up. D. lead to a higher market price.