_______ is (are) the relationship between the maximum amounts of output a firm can produce and various quantities of inputs.
A. A production function
B. The law of diminishing returns
C. Economies of scale
D. Diseconomies of scale
A. A production function
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The international trade effect states that
A) an increase in the price level will raise exports. B) an increase in the price level will lower net exports. C) an increase in the price level will raise net exports. D) an increase in the price level will lower imports.
Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Pepsi's inverse demand function?
A. PP = (0.18 + 0.8PC) - 0.002QP B. QP = (0.18 + 0.8PC) - 0.002PP C. PP = (90 + 400PC) - 0.002QP D. QP = (90 + 400PC) - 0.002PP
Assume that an economy is in equilibrium when the arrival of immigrants causes an increase in the supply of labor
Once the economy has adjusted to its new equilibrium, and assuming that the supply of capital remains unchanged, which of the following has decreased? A) the share of capital income in national income B) the share of labor income in national income C) national income D) the rental price of capital E) none of the above
In determining one's personal income tax, taxable income is:
A. total income less deductions and exemptions. B. all income. C. all income other than wages and salaries. D. wage and salary income only.