When economic profits are negative, accounting profits
A) must be positive.
B) will be negative.
C) will equal zero.
D) could be positive, negative or zero.
Answer: D
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Division of iron ore between the production of bridge girders and tanker drums is an example of
a. a distribution problem. b. production planning. c. input-output analysis. d. both output selection and distribution
The slope of the scatter diagram representing the relationship between consumption and disposable income in the United States is approximately
a. 1.10. b. 0.30 c. 0.50 d. 0.90
The "law" of diminishing marginal utility implies that the
A) total utility is constant as more units are consumed. B) last unit of a good consumed will contribute most to the consumer's satisfaction. C) marginal utility of a good diminishes over time. D) first unit of a good consumed will contribute most to the consumer's satisfaction. E) total utility is negative.
A situation in which the outcome of an election is sensitive to the order of events is called
A) the agenda paradox. B) strategic voting. C) the Condorcet paradox. D) Borda-count manipulation.