Economic takeoff:
A. occurs when development becomes self-sustaining.
B. will eventually occur in all developing countries.
C. typically occurs in the absence of foreign investment.
D. has yet to occur in any developing country.
Answer: A
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In the above figure, the marginal cost of the second ton of wheat is
A) $25. B) $50. C) $75. D) none of the above
Which types of firms have limited liability?
A) corporations B) corporations and partnerships C) partnerships D) proprietorships
You are shopping at the local mall with an $80 gift certificate. Only three items catch your attention. The items include a Justin Bieber sheet set, a remote control helicopter, and an "Amazing Ab Belt." You would be willing to give up $60 for the sheets, $70 for the belt, and $80 for the helicopter. Knowing this, you decide to purchase the helicopter. The opportunity cost of the helicopter was:
A. $70, the value of the ab belt. B. $80, the amount of the gift certificate spent. C. $130, the combined value of the alternatives forgone. D. $60, the value of the sheets.
A supply schedule shows
A. the “market potential” for a product. B. how much producers are willing and able to sell at different prices. C. possible combinations of output under different conditions. D. how much consumers would like to buy at different prices. E. All of these responses are correct.