The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $6 and the price of a unit of capital is $30, then the economically efficient technique is
A) W.
B) X.
C) Y.
D) Z.
C
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Suppose that in 2015 the chain-weighted price index for GDP in Estonia is 220 and the chain-weighted price index in Lithuania is 160. In 2016 the price index in Estonia is 242 and the price index in Lithuania is 180. You could conclude that
A) Estonia's rate of inflation is higher than Lithuania's. B) Lithuania is a more expensive place to live than Estonia. C) Estonia is a more expensive place to live than Lithuania. D) Lithuania's rate of inflation is higher than Estonia's.
In a monopolistically competitive market with Dixit-Stiglitz preferences, equilibrium price falls as the goods in the differentiated product market become more substitutable.
Answer the following statement true (T) or false (F)
Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Gary Becker B. Kenneth Arrow C. Dean Karlan D. Jonathan Morduch
When there is a positive externality associated with the watering of one's lawn, the free market results in
a. not enough lawn watering b. too much lawn watering c. the socially optimal level of lawn watering d. people watering each other's lawns e. government taxes on lawn watering