Refer to the above figure. A farmer has 50 acres of land on which to grow wheat or beans. An acre of land yields 400 bushels of beans or 800 bushels of wheat
Which of the following is a possible combination of beans and wheat that can be grown, assuming the land is farmed efficiently? A) 30,000 bushels of each
B) 15,000 bushels of beans and 10,000 bushels of wheat
C) 25,000 bushels of beans and 25,000 bushels of wheat
D) 20,000 bushels of beans and 40,000 bushels of wheat
B
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) Domestic output in country B will, after the emigration of labor:
A. Increase by area qrs
B. Increase by area qtus
C. Decrease by area qrs
D. Decrease by area qtus
If demand for a good is price elastic, it must also be income elastic
a. True b. False Indicate whether the statement is true or false
A monopolist faces a demand curve given by P = 20 - Q and has total costs given by TC = Q2. By using a bit of calculus, you should be able to determine that the firm's marginal revenue is MR = 20 - 2Q and its marginal cost is MC = 2Q. Now suppose that the country in which this monopolist is located decides to engage in international trade. The world price of the product produced by the monopolist is $12. What is the monopolist's profit-maximizing output level?
a. 5 b. 6 c. 7 d. 8
Free markets coordinate economic activity in such a way as to eliminate the possibility of inflation or unemployment.
Answer the following statement true (T) or false (F)