If capital and labor are perfect substitutes in a production function, the isoquants for this function will be
A. convex from above.
B. concave from above.
C. a straight line.
D. any one of these depending on the particular combination of labor and capital employed.
Answer: C
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Researchers have found that countries that were settled by Europeans who planned on staying permanently were
a. more likely to protect private ownership rights and limit the power of the government. b. less likely to protect private ownership rights and limit the power of the government. c. more likely to protect private ownership, but less likely to limit the power of the government. d. less likely to protect private ownership, but more likely to limit the power of the government.
The CPI in year one equaled 1.45. The CPI in year two equaled 1.51. The rate of inflation between years one and two was ________ percent.
A. 4.0 B. 6.0 C. 4.1 D. 4.5
Which of the following causes a movement along a supply curve?
A. a change in technology B. a change in resource costs C. a change in the price D. all of these
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 economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.