Two key differences in households today relative to those in the 19th century are that households today have:
a. increased production of goods and services and lower rates of female employment outside the home.
b. increased reliance on markets for goods and services and lower rates of female employment outside the home.
c. increased production of goods and services and higher rates of female employment outside the home.
d. increased reliance on markets for goods and services and higher rates of female employment outside the home.
d
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Combinations to the left of the budget line are:
A. Unavailable and inefficient B. Unattainable and efficient C. Attainable and inefficient D. Attainable and efficient
Even though it often does not result in profit maximization, some small firms use a cost-plus pricing strategy anyway because
A) they sell several products, each of which sells for a different price. The time and expense involved in finding the profit-maximizing price for each product are not worth the effort. B) they do not understand what marginal revenue and marginal cost mean. C) it is easy to use. D) it is expensive to hire an economist who can determine what the profit-maximizing price is.
Using a figure describing both the U.S. money market and the foreign exchange market, analyze the effects of a temporary increase in the European money supply on the dollar/euro exchange rate
What will be an ideal response?
The law of diminishing marginal returns:
a. states that each and every increase in the amount of the variable factor employed in the production process will yield diminishing marginal returns b. is a mathematical theorem that can be logically proved or disproved c. is the rate at which one input may be substituted for another input in the production process d. none of the above