Extractive industries such as farming, mining, or lumbering typically:
a. are considered to be decreasing cost industries
b. are considered to be constant cost industries.
c. use only small portions of the total supply of specialized resources.
d. are considered to be increasing cost industries.
d
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In the above figure, which of the following is TRUE regarding the movements from point A to B and from point C to D?
I) The movement from point A to B shows that the economy has chosen to produce 100 more jets. II) The movement from point C to D shows that the economy has chosen to produce 100 more jets. III) The movement from point A to B and from point C to D have the same opportunity cost. A) I and II B) I and III C) II and III D) I, II and III
Refer to Figure 10.7. A movement from point B to point D could be caused by
A) an increase in the target interest rate. B) an increase in consumer confidence. C) an increase in the term structure effect. D) a decrease in the expected rate of inflation.
According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical b. flat. c. upward sloping. d. downward sloping.
Average product measures:
A. the marginal product averaged across all inputs. B. the quantity of output produced per unit of input. C. the additional output created from an additional unit of input. D. All of these are true.