Fred Ramirez is a farmer who charts the relationship between number of acres planted in corn and number of bushels of corn harvested. Which marginal concept can Fred measure with this data?
a. marginal utility
b. marginal product
c. marginal cost
d. marginal revenue product
e. marginal factor cost
QUESTION 2The income distribution in less-developed nations tends to be
a. more uneven than in developed economies
b. less uneven than in developed economies
c. similar to that in developed economies
d. impossible to calculate
e. not comparable because tax structures differ among countries
QUESTION 3Which of the following would not explain why academic economists earn less than corporate economists?
a. more freedom in daily schedules
b. less restrictions on attire
c. less freedom in choice of research topics
d. less control over their public statements
e. None of the answers is correct.
QUESTION 4Compared to the United States, the income distribution in other major industrial nations tends to be
a. more concentrated
b. less concentrated
c. similar
d. impossible to calculate
e. not comparable because tax structures differ among countries
QUESTION 5People supply their resources to the highest-paying alternative, even if working conditions are not equally attractive.
a. True
b. False
QUESTION 6The distribution of income
a. is about the same in most countries
b. tends to be more equal in developing countries than in developed countries
c. is more concentrated in the United States than in Canada or Japan
d. is more even in developing countries than in the Russia
e. is not related to a country's level of development
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