Refer to the tables. Suppose that Duckistan and Herbania are each producing 14 units of civilian goods and 2 units of military goods. Then:
A. Duckistan is fully employing its resources, but Herbania is not.
B. both Duckistan and Herbania are fully employing their resources.
C. Herbania is fully employing its resources, but Duckistan is not.
D. neither Duckistan nor Herbania is fully employing its resources.
A. Duckistan is fully employing its resources, but Herbania is not.
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Jennifer's Bakery Shop produces baked goods in a perfectly competitive market. If Jennifer decides to produce her 100th batch of cookies, the marginal cost is $120. She can sell this batch of cookies at a market price of $110
To maximize her profit, Jennifer should A) not produce this additional batch. B) produce this batch of cookies because they will help lower her average fixed cost. C) charge $120 for this batch. D) shut down. E) produce this batch of cookies because their MR exceeds their MC.
Fungibility means that
a. donors allow recipients to use aid money for any purpose they want b. even if aid money is specified for a project, this frees up a similar amount for other uses c. aid money is given for programs that allow recipients to choose how to use it, within specific limits d. aid money is given in the local currency so its source is unidentifiable e. all of the above
If the demand for a good is relatively elastic, this means that consumer purchases of the good are
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. unaffected by changes in the income level of consumers.
Place the four statements in the appropriate category, indicating what factors tend to raise labor productivity and what factors tend to lower it.
