The income of managers is often ____ diversified compared to the income of stockholders
A) more easily
B) equally easily
C) less easily
D) smaller
C
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If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
If the marginal revenue product of the last worker hired exceeds the marginal factor cost of the worker, the firm would be better served if it
A) hires additional workers. B) maintains its current level of workers already hired. C) lays off the last worker hired. D) None of the above is a good option for a profit-seeking firm.
The idea that governments can plan growth by setting industrial policies to encourage growth of certain industries:
A. is a proven method for economic growth. B. is controversial. C. has worked for the majority of countries that have tried it. D. None of these is true.
Moving production from a high-cost producer to a low-cost producer will
a. lower total surplus. b. raise total surplus. c. lower producer surplus. d. raise producer surplus but lower consumer surplus.