Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. The expansion path depends
a. on the price of corn-based feed only.
b. on the price of soybean-based feed only.
c. on neither the price of corn-based or soybean-based feed.
d. on whether the price of corn-based feed is greater than or less than 2/5 the price of soybean-based feed.
d
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing ________, and Mike has a comparative advantage in producing ________.
A. cars; cheese B. cheese; cheese C. cars; cars D. cheese; cars
The short run is a period of time:
A. in which a firm uses at least one fixed input. B. that is long enough to permit changes in the firm's plant size. C. in which production occurs within one year. D. in which production occurs within six months.
In understanding and analyzing "demand," we focus on how much of a product the buyers are:
A. Willing and wanting to buy B. Actually buying now and in the recent past C. Able to buy with their given income D. Willing and able to buy
Answer the question based on the following balance sheet for the First National Bank. Assume the reserve ratio is 15 percent:
Refer to the above data. If the balance sheet was for the whole commercial banking system rather than a single bank, then loans and deposits could expand by a maximum of approximately:
A. $120,000
B. $213,333
C. $333,500
D. $415,373