The marginal product of capital is the ________ curve for capital and the marginal product of labor is the ________ curve for labor
A) demand; demand
B) demand; supply
C) supply; demand
D) supply; supply
A
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If a firm faces a downward-sloping demand curve
A) it will always make a profit. B) the demand for its product must be inelastic. C) it can control both price and quantity sold. D) it must reduce its price to sell more units.
Asymmetric information is:
A) information revealed by economic agents turns out to be wrong. B) inflation forecasts are systematically to high or too low. C) some economic agents have more information than others. D) the government knows less about the economy than households and firms.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Table 1.1 Shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1 Production Possibilities for Bombers Combination Number of B-1 Bombers Opportunity cost (Foregone Stealth) Number of Stealth Bombers Opportunity cost (Foregone B-1) S0NA10 T1 9 U2 7 V3 4NAThe highest opportunity cost in Table 1.1 for B-1 bombers in terms of Stealth bombers is
A. 0.5 Stealth bomber per B-1 bomber. B. 2 Stealth bombers per B-1 bomber. C. 1 Stealth bomber per B-1 bomber. D. 3 Stealth bombers per B-1 bomber.