At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: C
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What is meant by comparative statics? Assume that a firm wants to set up a factory. It considers four different locations
The rent of the factory space and the time taken to transport the products from each of the locations to the market is shown in the table below. It is also given that the opportunity cost of time is $10 per hour. a) Which is the optimum location? b) If the opportunity cost of time changes to $30 per hour, is there any change in the optimum? Location Time Taken to Transport Products to the Market (hours per month) Rent ($ per month) 1 180 3,000 2 150 3,200 3 100 3,600 4 60 4,100
Which of the following would not be included in the expenditure category called investment expenditures?
A) a purchase of shares of preferred stock B) spending on new houses C) a purchase of a copy machine by FedEx Office D) the cars held in inventory on a local Ford dealer's lot
In the four-quadrant diagram of the specific factors model, the graph in the upper left quadrant is a country's
A) production function for food. B) production possibility frontier. C) labor allocation constraint. D) production function for cloth. E) labor supply curve.
The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. For firm B,
A) setting a high price is the dominant strategy. B) setting a low price is the dominant strategy. C) there is no dominant strategy. D) doing the opposite of firm A is always the best strategy.