[Appendix material: calculus required] Given the benefit function B(Y) = 400Y ? 2Y2, the marginal benefit is:
A. 400 ? 2Y2.
B. 800 ? 2Y.
C. 400 ? 4Y.
D. 200Y.
Answer: C
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If the U.S. government were to relax its restrictions on offshore oil well drilling and open drilling in Alaskan national parks, the result to aggregate supply would be to
A) cause a shift in the SRAS to the left. B) cause a shift in the LRAS to the left. C) cause no long-term shifts in AS. D) cause a shift in both LRAS and SRAS to the right.
An increase in the price of a complement for product A would:
a) Shift demand for product A out to the right. b) Shift demand for product A into the left. c) Shift supply for product A out to the right. d) Shift supply for product A in to the left.
A decrease in the quantity of resources employed in industry X.
What will be an ideal response?
How much of each dollar spent by a consumer ultimately becomes income to someone else?
A. more than one dollar B. It depends on how much labor was needed to produce the good that the consumer buys. C. one dollar D. It depends on how much the cost there is in the distribution channel that delivers the good from the manufacturer to the consumer.