Refer to Figure 2-8. Suppose Vidalia is currently producing 120 dozen roses per period. How many orchids is it also producing, assuming that resources are fully utilized?
A) 20 dozen orchids B) 32 dozen orchids C) 44 dozen orchids D) 68 dozen orchids
B
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An example of a common pool resource is a broadcast television signal
Indicate whether the statement is true or false
Pablo must choose among options A, B, and C. Option A gives him $10,000 for sure. Option B gives him $4,000 with probability 0.5 or $16,000 with probability 0.5. Option C gives him $8,000 with probability 0.5 or $12,000 with probability 0.5
If he receives diminishing marginal utility from wealth, Pablo will A) choose option A. B) choose option B. C) choose option C. D) be indifferent among options A, B, and C.
Answer the following statements true (T) or false (F)
1. As output increases, marginal cost increases, reaches a maximum, and then falls. 2. So long as marginal cost is rising, average variable cost must rise. 3. The principle of diminishing marginal returns is applicable only to the use of labor as a productive resource. 4. The principle of diminishing marginal returns says that as more and more units of a variable resource are added to a set of fixed resources, the resulting additions to output will become increasingly smaller and, eventually, larger. 5. The major factor accounting for dis economies of scale is management inefficiency.
The spot exchange rate is relevant to transactions ________
A) that require an immediate transfer of funds B) that require a future transfer of funds C) that involve a movement across state lines D) within a corporation, or between a corporate holding company and a subsidiary