Slaves were only used in Southern agriculture
Indicate whether the statement is true or false
False
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The fact that the production function relating output to labor becomes flatter as we move from left to right means that
A) the marginal product of labor is positive. B) the marginal product of capital is positive. C) there is diminishing marginal productivity of labor. D) there is diminishing marginal productivity of capital.
Econville suffers from a massive earthquake and tsunami that destroys a fourth of its physical resources. What happens to the production possibility frontier?
a. The production possibility frontier does not change. b. The production possibility frontier shifts to the right. c. The production possibility frontier shifts to the left. d. The production possibility frontier shifts down for capital goods but does not change for consumer goods.
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's marginal revenue:
A. decreases as output increases. B. increases until the 3rd unit, then decreases. C. increases as output increases. D. is constant.
Jan's Dry Cleaning holds $10,000 on a typical day, although only $2,000 is essential for carrying out business. Making a midday deposit is estimated to reduce cash holdings to $8,000 and cost an extra $80 per year in lost production. If, in addition, an armored car service is engaged to pick up cash more frequently for a fee of $120 per year, cash holdings will be further reduced to $6,000 per day. Employing a computerized cash management service for an annual fee of $180 would reduce cash holdings further to $4,000. If any reduction in cash holdings will be invested in government bonds earning 3%, then how much money should Jan's hold?
A. $4,000 B. $8,000 C. $6,000 D. $10,000