Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced.
B) too little of an exclusive good is produced.
C) too much of a nonexclusive good is produced.
D) too little of a nonexclusive good is produced.
D
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The absolute value of the slope of an isocost line equals the ratio of
A) the marginal productivities of the two inputs. B) the prices of the two inputs. C) the quantities of the two inputs. D) the marginal utilities of the two inputs.
Starting salaries for female OB/GYNs are higher than those of male OB/GYNs. What is the best explanation for this?
a. Female OB/GYNs have more human capital than male OB/GYNs. b. Female OB/GYNs are smarter than male OB/GYNs. c. The demand for female OB/GYNs is greater than the demand for male OB/GYNs. d. The demand for female OB/GYNs is less than the demand for male OB/GYNs. e. More males are in OB/GYN residency programs than females.
Which of the following is true about average fixed cost?
A. Average fixed cost has a U-shape, and marginal cost crosses average fixed cost at its minimum point. B. Average fixed cost does not vary as output increases. C. Average fixed cost is the difference between marginal cost and average total cost. D. Average fixed cost is total fixed cost divided by the quantity of output produced, and it declines steadily as output increases.
The poverty income threshold in the United States was originally calculated by
A. multiplying a nutritionally adequate food plan for emergency use by 5. B. multiplying a nutritionally adequate food plan for emergency use by 2. C. multiplying a nutritionally adequate food plan for emergency use by 4. D. multiplying a nutritionally adequate food plan for emergency use by 3.