DeBeers' diamond monopoly results from
A. a patent.
B. economies of scale.
C. a government franchise.
D. ownership of a scarce factor of production.
Answer: D
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Your opportunity cost of attending a lecture on the number of brain cells lost by binge-watching episodes of Here Comes Honey Boo Boo is
A) zero, since you already know that binge-watching will kill all of your brain cells. B) the price of the ticket for the lecture. C) the value of attending a meditation class, which is your next-best alternative. D) the total value of all other options you could have chosen instead of going to the lecture.
With the debris of more than 50 years of climbing on the beautiful high slopes – oxygen canisters, tents, backpacks and even some bodies – Mount Everest has been called the world's highest garbage dump
It has been suggested that there should be a limited number of climbers allowed on the mountain each year to limit the environmental degradation that occurs. This method of achieving efficient use of a common resource is most like A) a property right. B) an individual transferable quota. C) a production quota. D) a marginal social benefit right.
Refer to Figure 3.1. Which of the following is true concerning Alvin's marginal rate of substitution?
A) It is diminishing. B) It is positive but varies along the indifference curve. C) It is constant. D) It is zero.
Job losers typically account for ____ of the unemployed
a. 80 to 90 percent b. 50 to 60 percent c. 30 to 40 percent d. 10 to 20 percent