Refer to Scenario 16.2. What is Sally's marginal rate of substitution of tee shirts for candy at the current distribution?
A) 7/2.
B) 2
C) 1/2.
D) It is impossible to determine without the prices of each commodity.
B
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Which of the following did not occur during the Industrial Revolution?
a. Production became more reliant on highly specialized equipment. b. A more efficient division of labor was promoted. c. Workers bore much of the costs of production. d. The transaction costs of contracting with individual resource owners were reduced. e. Technological development increased the productivity of most workers.
When a perfectly competitive firm's demand curve lies above its average total cost curve, the firm incurs an economic loss at that level of output
a. True b. False Indicate whether the statement is true or false
Suppose you play a round of golf costing $75. The golf takes four hours to play. If you were not playing golf you could be working and earning $40 per hour. The opportunity cost of your golf game is:
a) $75. b) $235. c) $155. d) $160.
In the U.S. balance of payments account for a certain year, a positive number in the financial account means a:
A. net buildup of assets held by the U.S. B. net reduction in the ownership of assets by U.S. interests. C. buildup of total foreign debt. D. reduction of total foreign debt.