The essential reason some species of whales have nearly been driven to extinction is that:
A. it is difficult to define and enforce property rights to whales.
B. experienced whalers find it easy to catch whales.
C. the demand for whales is extremely high.
D. the price of whales is very low.
Answer: A
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Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will give Bill the correct answer?
a. subtracting marginal cost from total cost b. calculating the product of average total cost and quantity c. determining what the shop would pay for if they produced zero output d. adding the total variable cost to the total cost e. subtracting total variable cost from total revenue
A cost-benefit analysis can be done to assess whether a nation should fix its exchange rate. Which of the following is NOT correct?
A) If market integration or symmetry increase, then the net benefits of a fixed exchange rate increase. B) If the net benefits are negative, economically speaking the nation should float. C) If the net benefits are positive, economically speaking the nation should float. D) If the net benefits turn negative, the nation should fix.
When current economic conditions are bad, people are ________ inclined to save, and when they predict bad future economic conditions they are ________ inclined to save now.
A. less; less B. more; less C. less; more D. more; more
While eating at Alex's "Pizza by the Slice" restaurant, Kara experiences diminishing marginal utility. She gained 10 units of satisfaction from her first slice of pizza consumed and would only receive 5 units of satisfaction from consuming a second
slice, at the same price. Based on this information we can conclude that: A. Alex may have to lower the price to convince Kara to buy a second slice. B. Kara will not eat a second slice, even if it is given to her at no charge. C. Kara will definitely want to buy a second slice of pizza. D. even if Kara buys a second slice, she will not buy a third slice.