Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Refer to the table above. The farmer increased his total production of corn by 9 bushels per acre after applying:
A. the first bag of fertilizer.
B. the second bag of fertilizer.
C. the third bag of fertilizer.
D. the fourth bag of fertilizer.
Answer: C
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Which of the following would encourage an outward shift of the PPF?
(a) Outward emigration of entrepreneurs; (b) A decrease in demand as the economy slips into recession; (c) The level of capital investment falls; (d) Inward migration of skilled workers.
What would be a way for the Federal Reserve to slow down the economy when it is growing too quickly or is inflationary?
A. print more money B. buy back government bonds on the open market C. sell more government bonds D. encourage the stock market
The total burden of a tax is $10,000 and the tax revenue from this tax is $8,000. The excess burden of this tax is
A. $2,000. B. $8,000. C. $10,000. D. $18,000.
A country is said to have an absolute advantage in producing a good over another country if that first country
A. is a major consumer of the good. B. is a more efficient producer of the good. C. can produce more units of the good. D. has a lower opportunity cost of producing the good.