Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
Moe needs to earn at least an 80 in both economics and physics to keep his scholarship. Given his current PPC, an 80 in both classes is ________.
A. unattainable
B. inefficient
C. efficient
D. attainable
Answer: A
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The term or phrase most likely to indicate a normative statement is
A) "ceteris paribus." B) "factual." or "what is" statement. C) "holding other things constant." D) "should" or "ought to."
The respective payments for the resources of natural resources, labor, capital, and entrepreneurial ability are
a. interest, wages, profit, and rent b. profit, rent, interest, and wages c. rent, wages, profit, and interest d. interest, profit, wages, and rent e. rent, wages, interest, and profit
Assume that a firm is producing an output level such that marginal revenue equals marginal cost. One can correctly conclude that the firm is producing a level of output which is:
a. equal to the profit maximizing level of output. b. equal to revenue maximizing level of output. c. less than the profit maximizing level of output. d. zero. e. greater than the profit maximizing level of output.
Which of the following is a final good or service?
a) a haircut purchased by a father for his 12 year-old son b) fertilizer purchased by a farm supplier c) diesel fuel bought for a delivery truck d) Chevrolet windows purchased by a General Motors assembly plant