Assume that the technology coefficient is equal to 0.40. If this production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, the resulting graph would be
Answer: upward sloping
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________ regularly trade their own gain against others' lives
A) Corporations B) Governments C) Individual people D) all of the above
Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
A local flower grower grows products in a plot of land, which is exceptionally colorful and is admired by many passersby. There is no way to charge for this in the price of the flowers. We can safely conclude that
A. the florist produces too many flowers. B. the florist produces too few flowers. C. the florist produces the right amount of flowers. D. society pays the socially optimal amount for the flowers.
Who guarantees that prices in the foreign exchange market are identical all over the world?
a. Governments. b. Supranational organizations. c. Central banks. d. Tourists. e. Arbitrageurs.