Mindblown: a blog about philosophy.

Both public goods and common resources are: a. rival in consumption. b. nonrival in consumption. c. excludable. d. nonexcludable. Answer: d. nonexcludable. Another feature that is evident in public goods and common resources is the fact that they cannot be excludable, implying that it is either very hard or is simply impossible to stop any…

The usual starting point for a master budget is: A) the budgeted income statement. B) the sales forecast or sales budget. C) the production budget. D) the direct materials purchase budget. Answer. B) the sales forecast or sales budget. In the process of general budgeting, the sales forecast or sales budget is the most vital…

One method for studying opportunity cost is to think in terms of:? (i) Trade-Offs. (ii) Pros and cons. (iii) Trial and error. (iv) Cause and effect. Answer: The correct options are (i) and (ii). Opportunity cost in its simplest form requires one to appreciate the implication of a choice shortcoming as bearing a price. Scholars…

Which of the following bones are NOT a part of the appendicular skeleton? a. Shoulder b. Hip c. Skull d. Upper limb Answer: c. Skull The axial body can be defined as the central core of the body and any part lying outside of the axial structure is called an appendicular body. In general, animals…

Which of the following is not a determinant of the price elasticity of demand for a good? a. the time horizon b. the steepness or flatness of the supply curve for the good c. the definition of the market for the good d. the availability of substitutes for the goods Answer: b. the steepness or…

Question:- What is one biotic factor that affects the size of a population in an ecosystem? Answer: A major example of biotic factors that directly impact on the population size of an ecosystem is predation. As it is with any given ecosystem, the predators capture and feed on other organisms, which affects the population of…

Question:- What happens in a perfectly competitive industry, when economic profit is greater than zero? Answer: Specifically, in a perfectly competitive industry, if one gets more than this amount of economic profit, that is, when economic profit is greater than zero, it leads to such specific events. The positive economic profit instils the idea in…

Question:- What is the relationship between the crust and the lithosphere? Answer: Crust and lithosphere are two different layers of the Earth although they are connected in some ways. The crust is the outermost shell or layer of the earth – solid and made up of lighter elements including continental crust (granite) and oceanic crust…

A positive result of trade agreements such as NAFTA and the EU is: a. fewer sanctions against developing economies b. more economic rights for citizens c. more support for domestic companies d. fewer competitors in the global economy Answer. b. more economic rights for citizens NAFTA (North American Free Trade Agreement) and EU (European Union)…

The movement of organisms out of a range is called A. immigration. B. emigration. C. population shift. D. carrying capacity. Answer. B. emigration. In ecology, emigration is one of the forms of the organisms’ movement, which practically leads to a decrease in the population’s size in the given territory or zone. It is one of…