An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output
Indicate whether the statement is true or false
TRUE
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Which of the following pieces of information do you need to calculate the labor force participation rate?
I. the number of employed persons II. the number of unemployed persons III. the population IV. the working age population A) I and II B) I and III C) I, II and III D) I, II and IV
The phenomenon in which an insured individual takes less care in preventing the event against which she is insured is an example of
A) foolish behavior. B) adverse selection. C) moral hazard. D) double coincidence of wants.
Some economists conduct empirical research on the theory of the firm by measuring the degree of technical efficiency achieved by actual firms. What type of research contributions are provided by these studies?
A) Normative B) Positive C) Administrative D) Executive
Which of the following is NOT a reason that free trade stimulates economic growth?
A) Free trade encourages a more rapid spread of technology. B) Industries have larger markets. C) The importation of technically advanced products enables the country to imitate the technology. D) Free trade keeps domestic prices up, enabling firms to make more profits that can be spent on research and development.