Most economists believe that the poor economic performance of countries located in tropical areas is primarily the result of
a. the hot climate that saps the energy of people in tropical countries.
b. the poor institutional quality in most tropical countries.
c. the lack of natural resources in most tropical countries.
d. the failure of rich countries to provide foreign aid to tropical countries.
B
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When optimizing in levels, if the ________ exceeds the ________, Project A is chosen over Project B
A) marginal benefits of Project B; marginal benefits of Project A B) net benefits of Project A; net benefits of Project B C) total benefits of Project A; total benefits of Project B D) marginal cost of Project A; marginal costs of Project B
A decrease in the cost of production will shift the supply curve down and to the right
Indicate whether the statement is true or false
The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, the amount of enrollment is
A) efficient. B) inefficient because marginal social cost exceeds marginal social benefit. C) inefficient because marginal social benefit exceeds marginal social cost. D) inefficient because the quantity of education demanded exceeds the quantity of education supplied.
Refer to Table 2-5. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber C) 12 board feet of lumber D) 16 board feet of lumber