The curve showing all the combinations of inputs that can be purchased with a given outlay of funds is called a(n)
A. isoquant.
B. total cost curve.
C. production function.
D. isocost.
Answer: D
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If someone who was working full time is now only working part time, this change in status will cause the unemployment rate to
A) increase. B) decrease. C) remain unchanged. D) It depends on how many hours this person is now working each week.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country A could not make would be:
A. (500 iPods, 150 tablets). B. (500 iPods, 200 tablets). C. (500 iPods, 300 tablets). D. (500 iPods, 250 tablets).
The organization created to oversee the provisions of multilateral trade agreements, resolve disputes under the international trade rules, and meet periodically to consider further trade liberalization is called the:
A. International Monetary Fund (IMF). B. World Trade Organization (WTO). C. Common Market Organization (CMO). D. International Trade Commission (ITC).
Society will produce the efficient mix of output if all firms equate price and marginal cost.
Answer the following statement true (T) or false (F)