Refer to Figure 2-8. If Vidalia chooses to produce 40 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
C
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Specialization and trade exploit differences in productivity across workers and:
A. only benefit the exporter. B. only benefit the importer. C. make everyone better off. D. make everyone worse off.
Consumer surplus is the difference between what you would have _________________ and what you _____.
Fill in the blank(s) with the appropriate word(s).
Studies of human decision making reveal several systematic mistakes people make. Which of the following is not an example of one of these mistakes?
a. Tom tells everyone he's sure he can run a 5K in twenty-five minutes, but then tries a couple of times and takes over thirty minutes. b. Kate hears a news report about five people dying from a tornado in Kansas and decides to cancel her plans to visit her aunt there. c. Randi is a strong proponent of raising the minimum wage. She reads a research report on the effects of increasing the minimum wage and begins to doubt her previous thinking. d. Jenny is shopping for a new car and has found that Hondota cars consistently get high quality ratings. Her friend had trouble with her Hondota, so Jenny decides not to purchase a Hondota.
Entrepreneurs
a. will prosper if they undertake projects that increase the value of the resources. b. are people who extend loans to other business decision makers. c. are managers who generally work for a salary because they are unwilling to take risks. d. will propser if they charge prices higher than their rivals.