The notion of "purposeful behavior" in the economic perspective suggests that:
A. People will tend to stick with a particular choice for a long period of time
B. Economic analysis will provide people with a single "right" way to behave
C. Economists do not believe that people can sometimes behave impulsively
D. One person's choice may differ from another's if their circumstances and information differ
Answer: D
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Suppose the cost of producing two goods, x and y, can be represented as C = ax + by + cxy. If the measure of economies of scope, SC, is zero, then which of the following must be TRUE?
A) a = b B) a + b = -c C) c = 0 D) a = -b
Which of the following is NOT true about the equilibrium price?
A) the price where a change in quantity supplied occurs B) the price where the demand curve intersects the supply curve C) the price where quantity demanded equals quantity supplied D) the price where there is neither excess quantity demanded or excess quantity supplied
In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns b. declining productivity c. diseconomies of scale d. economies of scale e. good weather in midwestern states
Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected __________ doesn’t change.
a. market b. economy c. production d. firm