To say that people make marginal decisions means that
a. they usually wait until the last minute before making a decision to buy
b. they weigh the additional costs and additional benefits of various activities before they make a decision
c. most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence
d. they consider the total cost and benefit of various activities before they make a purchase
B
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Comment on the following statement: "When average product and marginal product are equal, marginal product is at its maximum."
What will be an ideal response?
The desirability of an export orientation for development rests on the claim that export industries
a. make better use of domestic resources than do import-substitute industries b. attract foreign investors c. use factors of production that are abundant domestically d. earn more foreign exchange than would be saved by substituting for imports e. all of the above
The development of a nationwide computerized job bank listing of all job openings would be most likely to reduce:
a. structural unemployment. b. frictional unemployment. c. seasonal unemployment. d. cyclical unemployment.
The domestic demand and supply for sugar are Qd = 700 ? 2P and QSD = 100 + 4P. The foreign supply is QSF = 150 + 3P. Suppose an import quota of 100 is imposed in the domestic market. What will be the new market price of sugar?
A. 90 B. 100 C. 62.50 D. 110