A production function in which the inputs are perfectly substitutable would have isoquants that are
A) convex to the origin.
B) L-shaped.
C) linear.
D) concave to the origin.
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
A statement that "All children should receive free health care" is an example of what kind of statement?
A) a fair statement B) a natural experiment statement C) a normative statement D) a positive statement E) a statement on the margin
Refer to Figure 4-6. What is the value of producer surplus after the imposition of the price floor?
A) $3,000 B) $3,600 C) $4,200 D) $4,500
Tobacco could not be grown in England. It could only be produced in the colonial South
Indicate whether the statement is true or false