In the Cobb-Douglas production function, the index of the overall level of efficiency of transforming capital and labor into real GDP is called
A) total factor productivity.
B) allocative efficiency.
C) the marginal efficiency index.
D) the transformation allocation of inputs.
A
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Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) $200. B) $275. C) more than $275. D) impossible to be determined given the information.
The Robinson-Patman Act amended and further refined which of the following laws?
a. The Sherman Antitrust Act. b. The Celler-Kefauver Act. c. The Clayton Act. d. The FTC Act. e. The Herfindahl-Hirschman Act.
Many large urban banks experienced heavy losses during the 1980s and 1990s. Many of the losses at urban banks can be attributed to
a. heavy international loan commitments and risky investments b. widespread bank panics during the late 1980s c. extraordinary oil profits of Saudi Arabia and Venezuela d. investing too heavily in farm machinery e. the U.S. trade deficit with Japan
On a graph we draw a consumer's budget constraint, measuring the number of pineapples on the horizontal axis and the number of pencils on the vertical axis. If the slope of the budget constraint is -6, then
a. a pineapple costs six times as much as a pencil. b. the opportunity cost of a pineapple is 6 pencils. c. the opportunity cost of a pencil is one-sixth of a pineapple. d. All of the above are correct.