Refer to the table below. If the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5, what is the marginal benefit for each unit of paper products produced?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $2
B) $3
C) $7
D) $5
A) $2
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Which of the following statements about production isoquants is correct?
A) They show all the combinations of two inputs that result in the same level of output. B) They are usually concave to the origin. C) They show all the combinations of two inputs that yield the same cost of production. D) They represent lower levels of output the farther they are from the origin.
Under a fixed exchange rate regime, if a central bank must intervene to purchase the domestic currency by selling foreign assets, then, like an open market sale, this action ________ the monetary base and the money supply, causing the interest rate
on domestic assets to ________. A) increases; rise B) increases; fall C) reduces; rise D) reduces; fall
When banks receive new deposits, they can make new loans and thus create money:
A. equal to the full amount of the new deposits. B. up to the amount of their checkable deposits. C. only up to the amount of their excess reserves.
Arguably the simplest voting system is:
A. pair-wise majority voting. B. instant runoff voting. C. approval voting. D. first-past-the-post voting.