Refer to Figure 7.3. The marginal rate of technical substitution for labor with capital at 120 workers is represented by the slope:
A. of line ac.
B. of line ed.
C. of line ab times negative one.
D. of line ed times negative one.
D. of line ed times negative one.
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The market system provides a way
A. to allow specialization and exchange to work in tandem. B. to improve the well-being of mankind. C. to harness self-interest. D. to allocate goods and services. E. All of the responses are correct.
What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if an extensive, efficient cotton-growing industry in Africa develops?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
Why does the substitution bias cause the consumer price index to overstate inflation and the cost of living? Why does the increase in quality bias cause the consumer price index to overstate inflation and the cost of living?
What will be an ideal response?
While GDP includes spending on recreation and travel, it does not cover ____________, which is also part of the standard of living.
a. leisure time b. overtime c. sick time d. play time