Refer to the above figure. Which panel is consistent with Ricardo's view on the supply of land?
A. Panel A
B. Panel B
C. Panel C
D. Panel D
Answer: D
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Refer to the figure above. If the relative price of S were to increase, then the price line would
A) shift out in a parallel fashion. B) shift in in a parallel fashion. C) become steeper. D) become flatter.
The ratio of the burden of the tax borne by demanders to the burden of the tax borne by suppliers will be equal to_____
a. the square of the slope of the demand curve b. the elasticity of demand times the elasticity of supply c. the ratio of the absolute values of the slopes of the demand curve and the supply curve d. the sum of the elasticities of the inverse demand curve and the supply curve
If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average cost if 2000 widgets are produced?
A) $2 B) $1.50 C) $1 D) $0.50
Steve is planning to divide his study time between English and calculus. It will take him two hours of study for each extra point in calculus and one hour of study to raise his English score by one point. He should allocate his time so that
a. the marginal utility of an hour spent studying calculus is twice the marginal utility of an hour spent studying English b. the marginal utility of an hour spent studying English is twice the marginal utility of an hour spent studying calculus c. the marginal utility per hour spent studying calculus equals the marginal utility per hour spent on English d. he spends twice as much time on calculus as on English e. he spends twice as much time on English as on calculus