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1. A dentist might charge his patient a cancelation fee if the patient didn't give the debris 24 hours notice they were going to cancel. the justification to this fee is: a) limited cost b) opportunity cost c) scarcity d) comparative advantage
2. T/F Trade-offs can lead to economies of scale, division of labor, and specialization of Labor.
3. an economy has a comparative advantage in producing a good if it can produce that good at a ________ opportunity cost than could other economies. a) higher b) lower c) the same d) consistent
4. T/F Division of labor is breaking down the production of a good into separate tasks.
5. T/F One scenario that can be applied to opportunity cost is the guns vs butter debate.
Which of the following is the proper value to use as the " first cost" of the defender in a replacement analysis? Which of the following is a replacement repeatability assumption? When conducting a replacement analysis, which of the following equals..
q1. in the absence of a price floor the maximum price that a few of the consumers are willing to pay is 0.20 for a
Consider the following statements on the basis of positive economic analysis that assumes ceteris paribus. Liston other thing that might change and thus alter the outcome stated.
How does an improvement in consumer confidence affect the consumption function and the aggregate demand curve?
Las Cruces Recreations Inc. headquartered in Las Cruces, NM operates a summer camp in Silver City, NM. The cost data for a 12-week summer camp are as follows: Charge per camper = $400 per week Variable cost per camper = $220 per week Fixed costs = $2..
X-Corporation produces a good (Called X) that is a normal good. Its competitor, Y-Corp makes a substitute good that it markets under name "Y." Good Y is an inferior good. How will demand for good X change if consumer incomes increase.
Assume that the cost of producing ice cream is $1.20 per gallon. You estimate that you can sell 1,000 gallons per month. If you want to earn revenue of $2,500 per month, what price should you charge for a gallon of ice cream? Assume that your estimat..
There are several different types of yield-curve theories. What are the implications for investors and public policy of each yield-curve theory?
A firm has a monopoly on a new type of gaming console. The market demand is given by P=307.4-0.003*Q and thus marginal revenue is MR=307.4-0.006*Q. The monopolist's marginal cost is MC=4.3+0.001*Q. Calculate the profit-maximizing production quantity?
Find out the percentage change from last year to this year in the United States' nominal exchange rate with Russia
Explain the three types of exchange rate systems: free-floating, managed, and fixed. Discuss the differences between them. What are the advantages and disadvantages of each system? Which system is the United States currently operating? Do you think t..
A nation will generally be able to consume less when it trades because of lost jobs to outsourcing. The consumption possibilities curve generally crosses the production possibilities curve. A nation that decides to specialize and trade is no longer l..
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