Which of the following best illustrates your marginal benefit from studying?
A. The knowledge you gain from studying 2 hours a night for a month
B. The best things forgone by studying 2 hours a night for a month
C. What you are willing to give up to study for one additional hour
D. What you must give up to be able to study for one additional hour
Answer: C. What you are willing to give up to study for one additional hour
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A natural monopoly is a monopoly that arises from:
A. having an exclusive right to operate in a national park. B. a firm's natural desire to maximize its profit. C. having exclusive control over the natural resources used to produce a good. D. economies of scale.
Katie has a choice of spending $6.00 for another hamburger, which has a marginal utility of 30, or $9.00 for another pizza. For her to choose the pizza, it would have to have a marginal utility of at least
A) 9. B) 30. C) 31. D) 46.
The production function is concave in capital because
A) the contribution to production of each additional unit of capital decreases. B) the marginal product of capital is increasing. C) the marginal product of labor is decreasing. D) the cost of loans increases with their quantity.
The government office that declares official periods of recession and depression is the:
A. Bureau of Labor Statistics. B. Federal Reserve Board. C. National Bureau of Economic Research. D. Congressional Budget Office.