Refer to Exhibit 1-1. If the student whose study habits are illustrated here is currently studying for the 8th hour, she should
A) cut back on the number of hours she is studying because the marginal benefit of studying for the 8th hour is less than the marginal cost of doing so.
B) cut back on the number of hours she is studying because the marginal benefit of studying for the 8th is greater than the marginal cost of doing so.
C) increase the number of hours she is studying because the marginal benefit of studying for the 8th hour is less than the marginal cost of doing so.
D) increase the number of hours she is studying because the marginal benefit of studying for the 8th hour is greater than the marginal cost of doing so.
A
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The long run is a period of time in which
A) all factors of production are variable. B) all factors of production are fixed. C) some but not all factors of production are fixed. D) some but not all factors of production are variable.
Poverty in the United States is defined as having an income that is less than the ____ level that is necessary to provide the basic necessities of life
a. sustainable b. relative c. absolute d. lowest quintile
Many economists are in favor of increased immigration of adult foreigners who possess high levels of skills and education. Why?
a. Economists are very caring individuals. b. Economists believe this is a way to increase understanding among different ethnic groups. c. Economists believe foreigners will work cheaper. d. Economists believe this will increase aggregate supply.
Cited in the text, one obvious example of the effect on power politics that comes from reducing poverty is the increasing influence of
a. Brazil. b. India. c. China. d. Russia.