The slope of a production possibilities frontier measures the ________ of producing one more unit of a good
A) marginal cost B) marginal revenue C) total revenue D) opportunity cost
D
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Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 What is the socially optimal number of bikes for Island Bikes to rent out each day?
A. 4 B. 3 C. 5 D. 6
Suppose a tornado ravages a city, causing 5 million dollars in expenditures on new construction and healthcare for the victims. Those new expenditures
A) would be added to the gross domestic product account. B) would be subtracted from the gross domestic product account. C) would be added to the gross domestic product account and subtracted from the national income account. D) would impact GDP in none of the above ways.
In the figure above, the Lorenz curve that shows the least inequality, but NOT perfect equality, is
A) curve A. B) curve B. C) curve C. D) curve D.
Refer to the figure above. The relative price of T (in terms of S) is
A) 2. B) 1/2. C) 500. D) 1000.