The poverty rate has hovered between ________ since the middle 1960s.
A. 16-20%
B. 20-25%
C. 5-10%
D. 11-15%
Answer: D
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The principle that "as one input increases while the other inputs are held fixed, output increases at a decreasing rate" is known as the:
A. marginal principle. B. principle of opportunity cost. C. principle of diminishing returns. D. spillover principle.
Adam Smith’s discussion of the production in a pin factory illustrates the law of comparative advantage.
Answer the following statement true (T) or false (F)
Which of the following is true about the production possibilities curve when a technological progress occurs? The curve:
a. shifts inwards to the left. b. becomes flatter at one end and steeper at the other end. c. becomes steeper. d. shifts outward to the right. e. does not change.
In many cities, the price of summer pops concerts has risen. In Charlotte, North Carolina, and Columbus, Ohio, for example, concerts that were once free now cost $5. If there are only fixed costs and no variable costs nor marginal costs in an orchestra concert, what is the efficient price? Explain the reason why some people will find the efficient price unfair.
What will be an ideal response?