The terms of futures contracts traded in the United States are
A) standardized as to amount or value, but not as to settlement dates.
B) standardized as to settlement dates, but not as to amount or value.
C) not standardized, but are determined entirely on the basis of the agreement entered into by the buyer and seller.
D) standardized as to amount or value and as to settlement dates.
D
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In the above table, for Mary the opportunity cost of producing a dress is ________ and the opportunity cost for Mark of producing a dress is ________
A) 1 1/2 jackets; 2 1/2 jackets B) 1 jacket; 1 jacket C) 1 dress; 1 dress D) 1 1/2 jackets; 2/3 of a jacket E) 1 1/4 jackets; 1/2 of a jacket
Cost minimization suggests that two inputs should be employed to the point where
A) the marginal cost of each input is identical. B) the marginal revenue product of each input is identical. C) the marginal physical product per dollar spent on each input is identical. D) the extra contribution to physical output of the inputs is identical.
Growth accounting is seen a useful way to estimate this inputs contribution to growth:
A. technology. B. physical capital. C. labor. D. land.
Consider a labor market with two sectors-a union sector and a non-union sector-with perfectly inelastic labor supply. The presence of the union sector causes all of the following results except:
A. fewer workers are hired in the union sector than those same firms would hire if there was no union sector. B. the nonunion wage is less than the competitive wage when there is no union sector. C. more workers are hired in the nonunion sector than those same firms would hire if there was no union sector. D. total surplus added between the union sector and the nonunion sector is the same as total surplus when there is no union sector. E. the union wage is greater than the competitive wage when there is no union sector.