Hardware, software, and wetware refer to
A. financial resources, buildings, and overhead.
B. buildings, computers, and financial resources.
C. fixed costs, variable costs, and liabilities.
D. physical assets, "intangible" assets such as its advertising strategies, and human resources.
Answer: D
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Drivers who enter an expressway during the rush hour create negative externalities whenever they
A) could have taken another route. B) drive under the speed limit. C) fail to yield as they merge. D) have no other passengers in their vehicles. E) inadvertently slow down all the drivers behind them.
The faculty of Mistaken University is voting on a curricular reform. Members of the faulty have been working on the proposed curriculum for over four years. Some faculty members are going to vote for the reform because so much time and money has already been invested in it. Explain why these faculty members are mistaken in their reasoning.
What will be an ideal response?
If diminishing marginal returns have already set in for Danica's Dog Training Emporium and the marginal product of the fifth dog trainer is 18, then the marginal product of the fourth dog trainer must be
A. less than 18. B. negative. C. zero. D. greater than 18.
At point X on the graph below, which depicts a consumer's indifference curve for goods A and B and the relevant budget constraint line, we know that:
A. MUA/PA = MUB/PB
B. PA = PB
C. MUA = MUB
D. MUA/PA > MUB/PB