Saving time by driving faster is an example of a ________ of driving faster. Increasing the severity of injuries from a potential accident due to driving faster is a(n) ________ of driving faster.
A. nominal cost; real cost
B. marginal cost; nominal cost
C. marginal benefit; marginal cost
D. normative benefit; opportunity cost
Answer: C
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The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "how" D) "why"
The bowed shape of the per-worker production function is caused by
A) wealth effects that reduce labor supply. B) diminishing marginal productivity of capital. C) increasing marginal productivity of labor. D) increasing marginal productivity of capital.
Which of the following makes short-term conditional low-interest loans to LDCs?
a. World Bank. b. Agency for International Development (AID). c. Agency for International Finance (AIF). d. International Monetary Fund (IMF).
Suppose the government has imposed a price floor on the market for soybeans. Which of the following events could transform the price floor from one that is not binding into one that is binding?
a. Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans. b. The number of farmers selling soybeans decreases. c. Consumers' income increases, and soybeans are a normal good. d. The number of consumers buying soybeans increases.