The Principle of Increasing Opportunity Costs states that:
A. opportunity costs increase when too little is produced.
B. when increasing production, resources with the lowest opportunity costs should be used first.
C. productive people do the hardest tasks first.
D. when increasing production, resources with the lowest opportunity costs should be used last.
Answer: B
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In a cartel
A) each firm has an incentive to decrease its own production below the level set by the cartel. B) the firms' marginal cost equals the price set by the cartel. C) each firm has an incentive to lower its price below the level set by the cartel. D) each firm has an incentive to raise its price above the level set by the cartel.
Appreciation of the Japanese yen will lead to a significant balance of trade surplus
a. True b. False Indicate whether the statement is true or false
Per capita GDP is a measure of the dollar value of output produced by an average worker in one hour
a. True b. False Indicate whether the statement is true or false
The Mear Corporation finds that its total spending on machine parts increases after the price of machine parts falls, other things being equal. Which of the following is true about the Mear Corporation's demand for machine parts with the price change?
A. It is perfectly inelastic. B. It is price inelastic. C. It is unit elastic. D. It is price elastic.