Economies of scale in production and sale is one of the sources of possible... Select one: O a. Economic Constraints O b. None of the mentioned options c. Economies of scope O d. Exit barriers

Which of the following product/s is/are originally native to the New World?OA. WheatO B. CattleOC. CornO D. All of the above

Product Price = Quantity Sold = Explicit Costs Implicit Costs = = $30 5 units $42 $18 Referring to the above table, it can be concluded that: O Economic Costs are $24. O Economic Profit is $210. O Economic Loss is $30. O Economic Profit is $90.

Economic profits may result from:   O a. innovation   b.risk taking   Oc. exploiting market inefficiencies   Od. all the above   O e. a and b

5 CUPS OF COFFEE 4 3 2 K Graph (a) 13 N M 2 3 4 5 6 DONUTS Refer to Figure 2-4, Graph (a). Production is O a. possible at points J, L, M, and N, but efficient only at points J, L, and M. O b. possible at points J, K, L, and M, but efficient only at point K. O c. possible at points J, L, M, and N, but efficient only at point N. O d. possible at points J, K, L, and M, but efficient only at points J, L, and M. CUPS OF COFFEE 5 3 2 1 Graph (b) 1 2 3 4 5 6 DONUTS

Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. Hours Needed Amount Produced To Make 1 in 40 Hours mixer toaster 8 5 10 mixers 5 2 toasters 8 4 Maya Miguel ? Maya should specialize in the production of O a. mixers and Miguel should specialize in the production of toasters. O b. toasters and Miguel should specialize in the production of mixers. O c. neither good and Miguel should specialize in the production of both goods. O d. both goods and Miguel should specialize in the production of neither good.

SI. Which oy the fallowing Atatementy is /are TRUE Comarning average Fixed Cost (AFC)? A. AFC contimues to dedime as more outputs are produced but will never reach zero B. AFC continues to fall as more outputo are produced but is asymp totic to the harizantal axis (the output axia). C. Only A is carrect. D. Both A and B are carrect.

Remote Control Cars 180 120 60 Remote Control Planes 50 80 100 Figure B-4 shows the production possibilities frontier for a processing plant that can produce both remote-control cars and remote-control airplanes. The opportunity cost of moving from point B to C (in terms of a 1-unit increase) is O a. 20 remote control planes O b.3 remote control cars Oc1 remote control plane O d.33 remote control cars