We began running consecutive annual trade deficits
A. before we began running current account deficits.
B. at the same time we began running current account deficits.
C. after we began running current account deficits.
A. before we began running current account deficits.
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When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as
A) the effect of changing labor productivity. B) marginal revenue product. C) the complementary effect. D) the substitution effect.
Which type of strategies do professional managers help organizations in chalking out?
(A) Corporate (B) Multi-disciplinary (C) Both (A) and (B) (D) None of the above
Because resources tend to be specialized, if a society chooses to increase production of military goods, this tends to
A. result in a decrease in the opportunity cost of more military goods. B. result in an increase in the opportunity cost of more nonmilitary goods. C. result in an increase in the opportunity cost of more military goods. D. change the position of the production possibilities curve. E. alter the slope of the production possibilities curve.
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.