One of the major objectives of the World Bank is to:
A. Provide financial backing for the United Nations
B. Maximize its profits for its worldwide shareholders
C. Provide technical assistance to DVCs
D. Maintain stable exchange rates in IACs and DVCs
C. Provide technical assistance to DVCs
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Economic theory
A. is a deliberate simplification of factual relationships. B. seeks to disprove a hypothesis. C. is based mainly on assumptions. D. seeks to prove political ideals.
The figure above shows Ilene's budget line. If Ilene's income rises, her budget line will
A) rotate and become flatter. B) rotate and become steeper. C) shift rightward and its slope will not change. D) shift leftward and its slope will not change.
Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. The lemonade market in Jenny's neighborhood is more likely to be perfectly competitive if:
A. each lemonade stand sells the same kind of lemonade. B. each stand tries to get more customers by offering different varieties of lemonade and snacks. C. some of the neighborhood parents build elaborate booths for their kids' stands while some kids sell from makeshift tables. D. all of the kids advertise heavily.
Suppose the production function is given by Q = min{K, L}. How much output is produced when 4 units of labor and 9 units of capital are employed?
A. 13 B. 0 C. 4 D. 9