Is it possible for a super-entrepreneur to solve all of the coordination failure problems within a developing economy? Discuss
What will be an ideal response?
Open ended essay.
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Consider a firm that uses two inputs, labor and capital, to produce its output. Assume labor is measured on the horizontal axis and capital on the vertical axis
Which of the following best explains why the marginal rate of technical substitution decreases in absolute value as we move down an isoquant? A) The law of imperfect substitutability: labor and capital are not perfect substitutes; therefore, a firm must replace decreases in capital with increases in labor. B) The law of diminishing returns: for a given decline in capital, decreasing amounts of labor are required to produce the same level of output. C) The law of increasing marginal opportunity cost: if a firm uses less and less capital it must use more and more labor, which drives up the cost of labor. D) The law of diminishing returns: for a given decline in capital, increasing amounts of labor are required to produce the same level of output.
A causal effect for a single individual
A) can be deduced from the average treatment effect. B) cannot be measured. C) depends on observable variables only. D) is observable since it is used as part of calculating the mean of individual causal effects.
Which of the following countries has the largest union membership measured as the percentage of civilian employees in unions?
a. The United States b. The United Kingdom c. Sweden d. Japan
International participants
A. Participate only in American product markets. B. Participate only in American factor markets. C. Take no part in American markets. D. Participate in both American factor markets and American product markets.