The one feature of capital that makes it unlike most inputs is that
A. it is durable.
B. it generates economic rents.
C. it is nondepletable.
D. it requires comparing cash flows across different periods.
Answer: A
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Bushels Demanded Per MonthPrice Per BushelBushels Supplied Per Month45$57750473563686126167157Refer to the above data. If the price in this market was $4:
A. buyers would want to purchase more wheat than is currently being supplied. B. there would be a shortage of wheat. C. farmers would not be able to sell all their wheat. D. the market would clear; quantity demanded would equal quantity supplied.
Economics is the study of the efficient use of scarce resources to achieve maximum satisfaction of economic wants.
Answer the following statement true (T) or false (F)
Utility is maximized when the chosen bundle of goods satisfies the equimarginal rule and when the chosen bundle is on the budget line.
Answer the following statement true (T) or false (F)
Consider Figure 12.3. If Becky's payoff in the top rectangle were 300 instead of 90, the outcome of the game would be that:
A. both choose a high price. B. both choose a low price. C. Becky chooses a high price and David chooses a low price. D. David chooses a high price and Becky chooses a low price.