The ______________ is the amount by which one input can be reduced when one more unit of another input is added while holding the output constant.
Fill in the blank(s) with the appropriate word(s).
Ans: Marginal Rate of Technical Substitution
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The above figure shows the U.S. market for 1 carat diamonds. With free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________
A) $4,000; $2,000 B) $2,000; $3,000 C) $4,000; $3,000 D) $2,000; $2,000 E) $2,000; $4,000
A firm increases its price from $8 to $10 and sees demand for the product fall by 25%. What would the price elasticity of demand be for this product?
a. 0.75 b. 1 c. - 1 d. -1.25 e. 1.25
When the Federal Reserve reduces its target rate of inflation, it will set a ________ real interest rate at every inflation rate and the aggregate demand curve will ________.
A. lower; shift to the right B. higher; shift to the left C. lower; shift to the left D. higher; shift to the right
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. The opportunity cost of a glove in Russia is:
A. 1/8 of a hat. B. 1/3 of a hat. C. 3 hats. D. 8 hats.