Most of the world's population lives in
A. North America.
B. the LDCs.
C. Western Europe.
D. the NICs.
B. the LDCs.
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Suppose the production of DVD players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is (are) TRUE?
A) The production function has decreasing returns to scale. B) The marginal productivity of labor falls as labor increases in the short run. C) Capital and labor can be substituted for one another. D) All of the above.
Figure 18-2
Figure 18-2 shows the widget market before and after an excise tax is imposed. The revenue collected by the tax is ____.
A. $8,000 B. $50,000 C. $100,000 D. $150,000
Alexis talks to his uncle, who advises him to diversify if he chooses to invest in stocks. How can Alexis do this?
a. Choose one stock with a solid history of growth and invest primarily in that. b. Purchase shares of preferred and common stock in the same company. c. Purchase shares of a variety of stocks in companies across a range of industries. d. Buy a company’s stock, hold it for a set period, then sell and repeat the process with a different company.
Suppose the demand for lawnmowers goes down when the price of gasoline goes up. We can say that these two goods are
A. substitutes. B. unrelated goods. C. perfect substitutes. D. complements.