Profit per unit is the difference between
A. total revenue and total cost.
B. marginal revenue and marginal cost.
C. average revenue and average total cost.
D. average revenue and marginal cost.
Answer: C
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All of the following are examples of negative externalities except one. Which is the exception?
a. water pollution b. your roommate going on a diet c. second-hand smoke d. loud conversation in the workplace e. your neighbor building a bomb shelter on her front lawn
Most trade agreements contain countries in the same area of the world. Why is this so?
A) The distances that goods need to travel between such countries are short. B) Distribution channels are not easily established in adjacent countries. C) Adjacent countries are reluctant to coordinate policies. D) Neighboring countries usually lack a common history and interests
Refer to the information provided in Figure 6.6 below to answer the question(s) that follow.
Figure 6.6Refer to Figure 6.6. Bill's budget constraint was originally EF. If his new budget constraint is CD, then his income
A. did not change but the price of black beans decreased. B. did not change but the price of black beans increased. C. decreased. D. increased.
If production indifference curves cross, this indicates that there are different ways to produce the same output level.
Answer the following statement true (T) or false (F)