Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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The price of an nonrenewable resource is expected to rise at a rate equal to the
A) rate of supply. B) rate of population growth. C) rate of demand. D) interest rate.
Subsidies paid to the health care industry for Medicare patients are paid by
A) Congress. B) the Teamsters union. C) current taxes. D) the Federal Reserve.
Suppose duopolists face the market inverse demand curve P = 100 - Q, Q = q1 + q2, and both firms have a constant marginal cost of 10 and no fixed costs. If firm 1 is a Stackelberg leader and firm 2's best response function is , at the Nash-Stackelberg equilibrium firm 2's profit is
A) 400. B) 650. C) 800. D) 1200.
If both Real GDP and the general price level fell following the September 11th terrorist attack,
A. the negative aggregate supply shock was smaller than the negative aggregate demand shock. B. both the aggregate supply shock and the aggregate demand shock must have been, ironically, positive. C. the aggregate supply shock was negative, but the aggregate demand shock must have been positive. D. the negative aggregate supply shock was larger than the negative aggregate demand shock.