Determining the optimal choice of input combinations generally does not involve
A. substitution of one input for another.
B. fixing the level of technology in the long run.
C. minimizing cost, given the prices of inputs.
D. assessing the productivity of various inputs.
Answer: B
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During World War II, prisoners of war used ________ as money
A) chocolate B) cigarettes C) bullets D) cowrie shells
When Andrew earns no income, his base consumption is $500 . When he earns $3,000 per week, he consumes $2,100 per week and saves the rest. If his weekly income increases by $1,000 . then his total consumption is expected to increase to _____
a. $5,800 b. $3,300 c. $6,900 d. $1,500
The Herfindahl index measures the:
A. Size of the market share of the four largest firms in an industry B. Sum of the squared values of market shares of firms in an industry C. Increase in economic concentration resulting from a conglomerate merger D. Effect of per se violation in antitrust cases
Proponents of economic growth claim that growth leads to greater equality of income in an economy.
a. true b. false