Question 1
A firm's isocost line shifts parallel inward from the original isocost line as its
◦ total cost for capital and labor increases.
◦ total cost for capital and labor decreases.
◦ total cost for capital increases and its total cost for labor decreases.
◦ total cost for capital decreases and its total cost for labor increases.
Question 2
Related to the
Economics in Practice on page 150: For pineapple farmers in Ghana, the choice of how much fertilizer to use was highly dependant on social learning, where the farmers based their decisions on
◦ the amount of fertilizer they used for their previously-grown maize crops.
◦ the amount of fertilizer they were given by the government.
◦ how much fertilizer their more successful neighbor farmers used.
◦ the expected value of their future pineapple crops.
Although large, the cougar is more closely related to smaller felines.
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