Prisoners in World War II POW camps traded products for other products, a process referred to as:
A. barter.
B. rationing.
C. central planning.
D. advantage exchange.
Answer: A
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The portion of a resource's earnings greater than the amount required to keep the resource in its present use is called:
a. the price of the resource. b. the opportunity cost of the resource. c. economic rent. d. income.
The profit maximizing price for the monopolist will be
A. $5.00. B. $2.90. C. $3.35. D. $4.50.
Refer to Table 7.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The marginal revenue that Gladys receives from selling the fourth unit of output is:
A. $3. B. $6. C. $10. D. $24.
A bowed production possibilities curve is consistent with
A. highly specialized resources. B. a decreasing opportunity cost. C. the overutilization of productive resources. D. a technologically inefficient society.