Which of the following is a critical key to reducing poverty in the poorest nations?
A. The relationship between output growth and population growth.
B. Redistribution of existing income within the nation.
C. Government ownership of resources.
D. Reduced human capital.
Answer: A
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Which principle states that as the production of one good expands, the opportunity cost of producing another unit of this good generally increases?
A. Principle of total cost B. Principle of increasing cost C. Principle of opportunity cost D. Principle of increasing marginal utility
Refer to the above table. Suppose the price of the good sold is $10 and the marginal factor cost of labor is $700, how many units of labor will the firm hire?
A) 10 B) 11 C) 12 D) 13
In the situation described below, we would expect an:
It is the custom for paper mills located alongside the Layzee River to discharge waste products into the river. As a result, operators of hydroelectric power-generating plants downstream along the river find that they must clean up the river's water before it flows through their equipment. A. Overproduction of paper in the mills B. Underproduction of paper in the mills C. External cost resulting from the production of hydroelectric power D. Attainment of allocative efficiency in the market
Assume the price of a product sold by a purely competitive firm is $5. Given the data in the accompanying table, at what output level is total profit highest in the short run?
A. 20
B. 30
C. 40
D. 50