Which of the following is not an obstacle to development?
A. Overpopulation
B. Excessive investment
C. Political instability
D. Corruption
Answer: B
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Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: Myrna earns $450 for working at HempHill's Drug Store
A) J and M B) K and G C) K and M D) J and G
Sunk costs should be ignored in decision making because they
a. increase the cost of the transaction b. lead to an increase in the opportunity cost of any decision c. have already been paid d. often exceed marginal and average costs e. are usually negligible when compared with the explicit costs of decisions
Which of the following statements regarding comparisons of productivity across two firms is true?
A. The firm with the higher APL is the more productive firm. B. The firm with the higher MPL is the more productive firm. C. The firm with the lower MPL is the more productive firm. D. The average product of labor can vary with the choice of inputs and the level of outputs, so the firm with the higher APL may not be the most productive.
In an oligopoly, each firm knows that its profits
a. depend only on how much output it produces. b. depend only on how much output its rival firms produce. c. depend on both how much output it produces and how much output its rival firms produce. d. will be zero in the long run because of free entry.