Long-run decisions are:
A. constrained because all inputs are fixed.
B. constrained because all inputs are variable.
C. constrained because some inputs are fixed and others are variable.
D. unconstrained because all inputs are variable.
Answer: D
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________ is necessary to "balance" the BOP statement
A) Reserve inflow B) Statistical discrepancy C) Debit transaction D) Credit transaction
Steve is planning to divide his study time between English and calculus. It will take him two hours of study for each extra point in calculus and one hour of study to raise his English score by one point. He should allocate his time so that
a. the marginal utility of an hour spent studying calculus is twice the marginal utility of an hour spent studying English b. the marginal utility of an hour spent studying English is twice the marginal utility of an hour spent studying calculus c. the marginal utility per hour spent studying calculus equals the marginal utility per hour spent on English d. he spends twice as much time on calculus as on English e. he spends twice as much time on English as on calculus
Yoyo's Frozen Yogurt, Inc is thinking of building a new warehouse. They believe that this will give them $50,000 of additional revenue at the end of one year, $60,000 additional revenue at the end of two years, and $70,000 in additional revenue at the end of three years. If the interest rate is 5 percent, Yoyo would be willing to pay
a. $140,000, but not $150,000. b. $150,000, but not $160,000. c. $160,000, but not $170,000. d. $170,000, but not $180,000.
Assuming there are no externalities, if a firm produces an output level where the benefits to consumers ________ the cost to suppliers to produce it, then price is ________ marginal cost.
A. are less than; greater than B. equal; greater than C. exceed; less than D. are less than; less than