A summary record of a country's international economic transactions in a given time period is the
A. Balance of payments.
B. Exchange rate balance.
C. Capital account.
D. Current account.
Answer: A
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The production possibilities frontier model assumes all of the following except
A) the level of technology is fixed and unchanging. B) any level of the two products that the economy produces is currently possible. C) labor, capital, land and natural resources are fixed in quantity. D) the economy produces only two products.
Table 7-4 ? 6 346 490 600 692 775 846 ? 5 316 448 548 632 705 775 ? 4 282 400 490 564 632 692 CAPITAL 3 245 346 423 490 548 600 ? 2 200 282 346 400 448 490 ? 1 141 200 245 282 316 346 ? 0 1 2 3 4 5 6 ? LABOR ? ? ? ? ? Table 7-4 shows a production relationship. The cost of one day of labor is $65 and the product price is $1 per unit. How much will the labor input increase if the capital stock were increased from 3 to 4?
A. From 3 to 4 B. From 4 to 5 C. From 4 to 6 D. Stays the same
If a perfectly competitive firm is producing at an output at which marginal cost exceeds marginal revenue
A) price will be at the profit maximizing level. B) sales will be at the profit maximizing level. C) the firm should expand production. D) the firm should reduce production.
Which of the following is an implicit cost?
a. salaries paid to owners who work for their own firm b. interest on money borrowed to finance equipment purchases c. cash payments for raw materials d. wages paid to hourly employees e. foregone rent on office space owned and used by the firm