Farmer Brown wants some bacon for breakfast. He gets the bacon from Farmer Hernandez by giving her a dozen eggs. This type of transaction is referred to as
A. A farm transaction.
B. An efficient exchange of resources.
C. A money exchange.
D. Barter.
Answer: D
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Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm A of eliminating 2 tons of pollution?
A. $100 B. $200 C. $700 D. $425 E. $1,500
Answer the following statements true (T) or false (F)
1. The labor supply curve(s) will shift left if there is a decrease in wages. 2. An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on. 3. The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital. 4. It is a common mistake to confuse the slope of the supply curve with its elasticity. 5. Zero elasticity in either a supply or demand curve occurs when a price change of one percent results in a quantity change of one percent.
The bowed shape of the production possibilities frontier can be explained by the fact that
a. all resources are scarce. b. economic growth is always occurring. c. the opportunity cost of one good in terms of the other depends on how much of each good the economy is producing. d. the only way to get more of one good is to get less of the other.
You and your sister are splitting a pizza. You cut it in half and your sister selects her half first. Thus, you cut it into two equally sized pieces. This is an example of
A. communism. B. utilitarian justice. C. Rawlsian justice. D. a public good.