There are very few, if any, farms within the city limits of Chicago because
A) zoning laws have always prohibited them.
B) the land under the city of Chicago is unfertile.
C) Chicago is known for its butchers and freighters, not its farmers.
D) the land is in extremely great demand for non-agricultural purposes.
D
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Refer to Figure 16.1. A decrease in the depreciation rate is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
The short-run supply curve of a perfectly competitive firm is the
a. upward-sloping portion of its average total cost curve b. upward-sloping portion of its average variable cost curve c. average fixed cost curve at all levels of output d. marginal cost curve, which lies above the average variable cost curve e. downward-sloping portion of its marginal cost curve
Why are graphs such an important tool in economics?
Nevada is the low opportunity cost producer of computer software, and California is low opportunity cost producer of wine. Which of the following is true?
a. Nevada has no comparative advantage over California in the production of wine or computer software. b. Nevada has a comparative advantage in producing wine c. Nevada has a comparative advantage in producing software. d. Nevada has a comparative advantage in producing both wine and software.