If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
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Which of the following is not an example of human capital investment?
A. A bachelor's degree B. Software with spell-check included C. A leadership training course D. All of these are examples of human capital investment.
Exhibit 7-11 Short-run cost schedule for pizzeria's hourly production TotalProduct TotalCost 0 pizzas $ 20 10 70 20 100 30 150 40 250 In Exhibit 7-11, the pizzeria's fixed cost is equal to:
A. $20. B. $30. C. $50. D. $70.
When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the
A. market price of the product. B. wage rate times the number of workers. C. marginal physical product. D. wage rate.
Refer to the above graph. If the current market price is $60 and user costs are not considered, the extraction quantity is:
Use the following graph to answer question. It shows the extraction costs for TX Oil Company
in the first year in a situation where it will extract oil from a reserve over two years.
A. 10 units
B. 20 units
C. 30 units
D. 40 units