The slope of the per person production function is
A) the marginal product of labor.
B) the marginal product of capital.
C) lower for a poor country than for a rich country.
D) higher for a rich country than for a poor country.
B
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If a monopolist has downward sloping average costs, he will not produce if he cannot price discriminate.
Answer the following statement true (T) or false (F)
The concurrent problems of inflation and unemployment are termed:
a. depression. b. downturn. c. deflation. d. demand-pull inflation. e. stagflation.
Suppose the sweater manufacturing technology enables sweater makers to experience constant returns to scale over the range between 4,000 and 10,000 . If their long-run average total cost curve is U-shaped, what must be true? a. Long-run average costs will be lowest when the firm produces as many sweaters as possible
b. The total cost of producing 10,000 sweaters is more than the total cost of producing 11,000. c. The total cost of producing 2,000 sweaters is half the total cost of producing 4,000. d. The ATC of producing 3,000 sweaters is the same as the ATC of producing 11,000. e. Producing fewer than 4,000 or more than 10,000 sweaters is not efficient.
Economic expansions in Germany and Japan would cause
A. the U.S. price level and real GDP to rise. B. the U.S. price level and real GDP to fall. C. the U.S. price level to rise and real GDP to fall. D. the U.S. price level to fall and real GDP to rise.