Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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If a firm has increasing returns to scale at all levels of output, the
a. slope of its long-run total cost curve is always negative. b. slopes of its short-run average cost curves are always negative. c. slope of its long-run average cost curve is always negative. d. slope of its production function is always negative.
The marginal tax rate is:
A. less than the average tax rate when a tax is progressive. B. calculated by dividing total taxes paid by one's total taxable income. C. the percentage of one's total income that is paid in taxes. D. the percentage of an increment of income that is paid in taxes.
A payoff matrix summarizes all of the following except
A) who the players are. B) the reason each player is playing the game. C) the actions available to each player. D) the payoffs available to each player.
Cyclical unemployment is positive when
A) the inflation rate is positive. B) the economy is at the peak of a business expansion. C) the natural rate of unemployment exceeds the actual rate. D) the actual unemployment rate exceeds the natural rate.