Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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As the market price of a service increases, more potential sellers will decide to perform that service because:
A. it's more prestigious to produce high-priced services. B. more potential sellers will find that the market price exceeds their reservation price. C. higher prices result in higher revenue. D. higher prices lead to lower opportunity costs.
The knowledge and skills people accumulate through experience, education, and training is called
A) physical capital. B) human capital. C) economic investment. D) spillover benefits.
Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of producer surplus?
A) $600 thousand B) $300 thousand C) $150 thousand D) $30 thousand
The circular flow model shows the relationships between
A. government and business firms. B. government and households. C. households and business firms.