Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it.
B) No, we know it exists but we can't extract the gold.
C) No, there are no established property rights over the moon so they cannot add to world reserves..
D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.
A
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing beef?
A) The U.S. B) Canada C) Both countries D) Neither country
A company finds that for the next worker hired, the worker's VMP is less than the cost of the worker. In this case, to maximize its profit the company should
A) definitely hire the worker. B) perhaps hire the worker, depending on the relationship between the company's MC and MR. C) definitely not hire the worker. D) None of the above answers is correct.
When business is profitable, corporate managers will prefer plowback rather than other sources of funding.
Answer the following statement true (T) or false (F)
Under which of the following conditions could the monopoly price be less than the price that would result in perfect competition? When there are
a. diminishing marginal returns b. substantial economies of scale c. higher unit costs d. increasing costs e. constant returns to scale