Diminishing marginal returns implies that:
A. marginal costs are decreasing.
B. marginal costs are increasing.
C. marginal costs are constant.
D. marginal costs may be increasing or decreasing.
Answer: B
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The ocean remains one of the largest unregulated resources for each of the following reasons except
a. many countries have access to the ocean. b. it is difficult to get international cooperation among countries that hold different values. c. the oceans are so vast that enforcing any agreements would be difficult. d. All of the above are reasons the ocean remains one of the largest unregulated resources.
Compared to 1960, in 2008 the proportion of retirees living in poverty has fallen from 35 percent to about _________ percent.
A. 5 percent B. 10 percent C. 15 percent D. 20 percent
If the economy were producing at 12 units of outboard motors and 8 units of robots
A. the economy would be at a point inside its production possibilities curve.
B. the economy would be at a point outside its production possibilities curve.
C. the economy would have unemployed resources.
D. the economy would be at a point inside its production possibilities curve AND would have unemployed resources.
If profits depend on both how much is produced (output) and the level of quality, then a profit-maximizing firm should choose the levels of output and quality at which
A. The marginal revenue of quality exceeds the marginal cost of quality by the largest amount. B. The marginal revenue of output exceeds the marginal cost of output by the largest amount. C. The difference between the addition to total revenue and the addition to total cost of the last units of output and quality is the greatest. D. both a and b E. none of the above