The growing importance of export demand for American agriculture has:
A. reduced the international value of the dollar.
B. had no significant effect on the stability of the demand for farm products.
C. destabilized the total demand for farm products.
D. stabilized the total demand for farm products.
Answer: C
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A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is
A) less than 70 units. B) between 70 and 120 units. C) between 120 and 170 units. D) more than 170 units.
Cost-benefit analysis does not employ interpersonal utility calculations
a. True b. False
A monopoly has
a. A perfectly elastic demand curve b. A perfectly elastic supply curve c. A downward sloping demand curve d. A upward sloping demand curve
Gina Smith and Mariel Jones are both running for the same seat on the town council. Pat Johnson is voting in the town council election. Pat decides to read each candidates one-paragraph statement, but did not attend the town debate to listen to the candidates explain their positions in detail. Which of the following best describes Pat's actions?
A. Pat displays the special-interest group effect; he figures the extra cost to him of any pet projects of either candidate will be small so he is not concerned. B. Pat displays the shortsightedness effect; the long-run benefits of policies will exceed the short-run costs. C. Pat is a victim of bureaucratic inefficiency; the candidates failed to provide sufficient information about their positions. D. Pat displays rational voter ignorance; the perceived extra effort to be better informed exceeds the marginal benefit of knowing more about the candidates.