The ratio (in physical units) at which two countries trade goods is known as the
a. opportunity cost
b. marginal social cost
c. price to earnings ratio
d. comparative advantage ratio
e. terms of trade
E
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The above table shows a short-run production function for Albert's Pretzels. The marginal product of labor
A) rises then falls as the amount of capital increases. B) falls then rises as the amount of labor increases. C) is greater than or equal to the average product of labor for all amounts of labor. D) is less than or equal to the average product of labor for all amounts of labor.
In the early 2000s, the government passed laws requiring banks and mortgage brokers to disclose the terms of home loans. This action by the government was an attempt to:
A. screen out risky or shady banks and mortgage brokers. B. solve the information asymmetry problem and led to an improvement in the housing market. C. signal to consumers that the government cared about the value of their homes. D. solve the information asymmetry problem, but did not work as intended.
Refer to Figure 4-6. The amount of the excise tax I is
a. $.50. b. $1.50. c. $1.00. d. $2.00.
If fixed cost is $200,000 and variable cost is $30 per unit over the relevant range of output, when 10,000 units are produced, the average total cost will be:
A. $20. B. $30. C. $50. D. $70.