Use the following figure to answer the question below.
Jorge's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/4
B. 4
C. 2
D. 1
Answer: B
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Regulatory capture is where
A) governments take over monopolies through use of regulation. B) firms impose barriers to entry on regulators. C) regulators of an industry look out for the industry instead of society. D) the government taxes the profits of monopolies such that all producer surplus goes to the government.
Which of the following would cause an economy to produce at a point inside its production possibilities curve?
A) the efficient allocation of all factors of production B) population growth C) unemployment and an inefficient use of available resources D) capital accumulation
Which of the following central bank policies will lower the money supply?
a. Buying government securities. b. Lowering the discount rate. c. Selling foreign currency in the foreign exchange market. d. Lowering the reserve ratio. e. None of the above.
The law of diminishing marginal utility states that as more and more units of a good or service are consumed, total utility becomes smaller and smaller
Indicate whether the statement is true or false