Expectations of asset values by participants in financial markets
A) are not possible to model, given the current state of economic knowledge.
B) determine market prices, but are not related to changes in market prices.
C) generally do not change.
D) determine current market prices and changes in market prices.
D
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If a production function has constant returns to scale, output can be doubled if
a. labor alone doubles. b. all inputs but labor double. c. all of the inputs double. d. None of the above is correct.
If this is a closed economy, the price of a TV will be ________.
A. $125 B. $275 C. $175 D. $75
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one snowboard is painting:
A. 1/8 of a kite. B. 1.5 kites. C. 8 kites. D. 12 kites.
All of the following are characteristics of a monopolistically competitive industry EXCEPT
A. many firms. B. low barriers to entry and exit. C. sales promotion and advertising. D. homogeneous products.