In which of the following situations would it be the most difficult to keep the water in a river flowing?
A) as it passes from one city to another city in the same county
B) as it passes from one county to another county in the same state
C) as it passes from one state to another state in the same country
D) as it passes from one country to another country
D
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When making decisions, economists believe that individuals act rationally if they: a. seek to improve their own situations and not try to anticipate future consequences of their actions
b. only pursue the goals of the community. c. people do the best they can, based on their values and information, under current and future circumstances. d. always choose alternatives that offer the greatest financial reward.
Capital refers to an inventory or a stock of productive equipment and machines.
Answer the following statement true (T) or false (F)
Suppose the production function is given by Q = 3K + 4L. What is the marginal product of capital when 10 units of capital and 10 units of labor are employed?
A. 11 B. 3 C. 45 D. 4
Diminishing marginal returns implies that:
A. marginal costs are decreasing. B. marginal costs are increasing. C. marginal costs are constant. D. marginal costs may be increasing or decreasing.