The economic decision rule is to undertake an action only when the marginal benefits of that action are greater than its total costs.

If a country has a comparative advantage in the production of a good, its resources are better suited to the production of that good than are the resources of other countries.

Suppose there is a two good economy that produces medical devices and computers.  Suppose the economy goes from 80 percent of its economy devoted to the production medical devices to 100 percent, and there is relatively large opportunity costs in terms of computer production.  What is the most likely cause of the relatively large opportunity costs in terms of computer production?

This question is to practice submission of work after an exam.   Label this question as Q-Practice on your paper.  On your first piece of paper, write your name under the title Q-Practice. Next write 2 + 2 = 4 At the end of the quiz, retrieve your cell phone, take a picture of this using Office Lens or a similar program, save your work as a word doc or pdf (NOT A PICTURE OR JPG).  Submit this to the Honorlock Practice quiz drop box within 10 min of finishing the quiz.

If you run an ANOVA and the p-value is significant, the next thing you should do is…

How much energy is evolved during the formation of 125 g of Fe, according to the reaction below? Fe2O3(s) + 2Al(s) → Al2O3(s) + 2Fe(s)           ΔH°rxn = -852 kJ

What are limiting nutrients, in relation to algae? 

A patient has been receiving palliative care for the past several weeks in light of her worsening condition after a series of strokes.  The caregiver has rung the call bell, stating that the patient stops breathing for a while, then breathes fast and hard, and then stops again.  You recognize that the patient is experiencing?

Suppose there is a simple two good economy that produces fish and cars. When the economy increases its production of fish from 0 to 15 tons of fish, it has a relatively small opportunity cost in terms of cars. What is the most likely explanation for this?

Take a look at the table below. Which type of statistical analysis should you use to determine whether the number of broken chips in the bag differs among the chip brands?