The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; becomes steeper
B) -MPLF/MPLC; becomes flatter
C) -MPLF/MPLC; is constant
D) -MPLC/MPLF; becomes steeper
E) -MPLC/MPLF; is constant
A
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Which is true concerning U-2?
i. It does not count marginally attached workers as unemployed. ii. It counts as unemployed workers who were laid off. iii. It is smaller than U-3. A) i only B) i and iii C) i and ii D) i, ii and iii E) ii and iii
The current worth of future income after it is discounted, to reflect the fact that future dollars are worth less than current dollars, is called
a. the net present value of the income. b. arbitrage. c. the inflationary premium. d. the real interest rate.
A currency board is an entity that
a. issues a currency with a floating value relative to a widely accepted currency. b. promises to continue to redeem the issued currency at the prevailing market rate. c. controls the domestic supply of money by buying and selling bonds and other liquid assets. d. provides 100% backing for all currency issued.
Below is a table showing the maximum amount five potential buyers are willing to pay for a car.
a) What is the quantity demanded if cars sell for $10,000 each? b) Under conditions of perfect competition, how many cars are bought if the marginal cost of producing a car is $25,000? c) How many cars are bought if the marginal cost of producing a car falls to $20,000?