A point outside the production possibilities curve represents a combination of goods that is:
A. inefficient.
B. efficient.
C. unattainable.
D. attainable.
Answer: C
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A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit
A) depends on the grade the student earns on the exam. B) is the benefit the student receives from studying all 3 hours. C) is the benefit the student receives from studying the extra hour. D) is greater than the student's marginal cost.
Refer to Figure 12-13. Suppose the prevailing price is P1 and the firm is currently producing its loss-minimizing quantity. In the long-run equilibrium
A) there will be fewer firms in the industry and total industry output decreases. B) there will be more firms in the industry and total industry output remains constant. C) there will be fewer firms in the industry but total industry output increases. D) there will be more firms in the industry and total industry output increases.
Who said, "The whole of science is nothing more than the refinement of everyday thinking"?
a. Isaac Newton b. Albert Einstein c. Adam Smith d. Benjamin Franklin
Risk
What will be an ideal response?