Refer to the data. If the price of a bar of gold is $30,000 this year, how many bars (in thousands) should OZ extract and sell?
The table below shows the quantity of gold bars (Q b ) in thousands, the extraction cost for each thousand bars (in millions of dollars), and the user cost of each thousand bars (in millions of dollars) facing the OZ Mining Company this year.
A. 2.
B. 3.
C. 4.
D. 5.
B. 3.
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Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year
His opportunity cost at graduation was ________ and eight years later was ________. A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000
Which of the following transactions would be included in GDP for 2015?
a. In February 2015, Amanda sells a 2009 Hyundai to Isabella. b. In March 2015, Amanda buys a ticket to visit a zoo in Florida. She visits the zoo in February 2016. c. In November 2015, Isabella eats onions that she harvested from her backyard garden in October 2015. d. All of the above are correct.
Refer to Figure 19.2. The total utility of two apples is
A. 6 utils. B. 2 utils. C. 5 utils. D. 11 utils.
"Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfill the output quantities specified in the central plan caused a chain reaction of adverse repercussions on production." This quotation
best identifies the: A. incentive problem under central planning. B. self-sufficiency dilemma under communism. C. resource overcommitment problem under communism. D. coordination problem under central planning.