Karl has a home business that consists of only himself and his computer. If he were to analyze his operations in the form of a long run production function his isoquants would
A. be straight lines with a negative slope.
B. be concave from above.
C. be L shaped.
D. be straight lines with a positive slope.
Answer: C
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Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false
Refer to the table above. France will gain from trade so long as the international price of grapes measured in terms of textiles is below
A) $15. B) 3. C) 5. D) 8.
Economics is primarily concerned with the study of: a. problems such as poverty and unemployment
b. limited desires pursuing unlimited resources. c. production and distribution of goods in a world of unlimited resources. d. production and distribution of goods in a world of limited resources.
The circular flow model of the economy shows
a. the flow of money, goods, and services between households and firms b. why specific flows occur c. the relationship between money and goods within households d. the relationship between resources and the prices of resources e. the flow of resources from households to firms