Use the following production possibilities tables to answer the next question. Numbers for autos and chemicals are in millions.Germany's Production Possibilities ABCDEFAutos048121620Chemicals4032241680United States' Production Possibilities ABCDEFAutos03691215Chemicals60483624120If Germany and the United States engage in trade, the mutually beneficial terms of trade will be between
A. 2 and 4 units of autos for 1 unit of chemicals.
B. 3 and 4 units of autos for 1 unit of chemicals.
C. 2 and 4 units of chemicals for 1 unit of autos.
D. 0.33 and 0.5 units of autos for 1 unit of chemicals.
Answer: C
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Management ______ are measuring devices, techniques, or instruments that are used to arrive at decisions and plans of action
a. Plans b. Actuarial resources c. Quality circles d. Tools
A real quantity is a quantity measured:
A. by the average quantity. B. using real prices. C. in terms of current dollar value. D. in physical terms.
Exhibit 7-14 Cost curves
In Exhibit 7-14, constant returns to scale only exist for output levels between:
A. 0 and 1,000. B. 1,000 and 2,000. C. 2,000 and 3,000. D. 3,000 and 4,000.
One implication of goods being standardized in a market is:
A. the market has a low degree of competition. B. the government regulations must promote competition and lower prices to be efficient. C. the similarity in products may be real or perceived. D. there are no information asymmetries.