Which of the following is NOT an assumption used in deriving a production possibilities curve?
A) The labor force is growing at a constant rate.
B) Resources are fully employed.
C) Technology is constant.
D) The quantity of resources is constant.
A
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Suppose you solve a consumer's constrained 2-good optimization problem for a given economic environment --- and your answer contains a negative consumption level of good 2. Which of the following is a valid conclusion on your part:
A. The true optimum has the consumer consume none of good 1. B. The true optimum has the consumer consume none of good 2. C. There are multiple "true" optimal consumption bundles. D. The consumer will sell good 2. E. None of the above.
How does a network externality serve as a barrier to entry? Is this barrier surmountable? Explain
What will be an ideal response?
Keynes argued that the transactions component of the demand for money was primarily determined by the level of people's ________, which he believed were proportional to ________
A) transactions; income B) transactions; age C) incomes; wealth D) incomes; age
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Which of the following would be considered a variable cost of this company?
A. The cutting shears B. The fabric C. The rent D. None of these would be considered a variable cost.