As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. As a result, she loses half of her productive farmland. If the property of diminishing returns applies to all factors of production, she should expect to see
a. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor.
b. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.
c. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor.
d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.
b
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Figure 10-3
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In Figure 10-3, the perfectly competitive firm is realizing a
A. loss equal to ABCE. B. profit equal to ABCE. C. profit equal to ABDF. D. loss equal to ABDF.
Jorge deposited $1,000 into an account three years ago. The first two years he earned 5 percent interest; the third year he earned 6 percent interest. How much money does Jorge have in his account today?
a. $1,157.90 b. $1,168.65 c. $1,176.00 d. None of the above are correct to the nearest cent.
Which of the following is a difference between the White test and the Breusch-Pagan test?
A. The White test is used for detecting heteroskedasticty in a linear regression model while the Breusch-Pagan test is used for detecting autocorrelation. B. The White test is used for detecting autocorrelation in a linear regression model while the Breusch-Pagan test is used for detecting heteroskedasticity. . C. The number of regressors used in the White test is larger than the number of regressors used in the Breusch-Pagan test. D. The number of regressors used in the Breusch-Pagan test is larger than the number of regressors used in the White test.
Orchards provide services to beekeepers because the bees use the pollen to make honey. This is an example of
A) a positive externality, and too many orchards exist in society. B) a positive externality, and too few orchards exist in society. C) a negative externality, and too many orchards exist in society. D) a negative externality, and too few orchards exist in society.