Exhibit 6-4 A marginal product curve
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As shown in Exhibit 6-4, the law of diminishing returns applies in the range of:
A. over 1 workers per day.
B. over 3 workers per day.
C. between 0 and 3 workers per day.
D. between 0 and 5 workers per day.
Answer: B
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The private sector balance is equal to savings ________ investment, and the government sector balance is equal to government expenditure ________ taxes. If there is a deficit in the private sector balance and a deficit in the government sector balance, then there must be a ________ in net exports.
A) plus; plus; surplus B) minus; minus; deficit C) minus; minus; surplus D) plus; plus; deficit E) plus; minus; surplus
Suppose a single firm has constant marginal cost and faced the demand curve 
a. Illustrate in this graph how a monopolist who cannot price discriminate would price this good. What is the monopoly price and quantity?
b. Suppose two firms with the same marginal cost as the monopolist operated in this market instead. Suppose quantity is the strategic variable and the two firms simultaneously choose quantity. On a graph with firm 1's output on the horizontal and firm 2's output on the vertical, illustrate firm 2's best response function with numerical labels for each intercept. c. Add firm 1's best response function and determine the Nash equilibrium quantities. d. What's the equilibrium price resulting from the quantities you determined in (c)? e. What would be the equilibrium price if the strategic variable for the firms were price instead? What will be an ideal response?
Three-wheel cars made in North Edsel are sold for 5000 pounds. Four-wheel cars made in South Edsel are sold for 10,000 marks. The real exchange rate between North and South Edsel is four three-wheel cars for three four-wheel cars
The nominal exchange rate between the two countries is A) 0.50 marks/pound. B) 0.66 marks/pound. C) 1.50 marks/pound. D) 2.00 marks/pound.
Explain why the supply-and-demand model should not be used to analyze the market for jeans
What will be an ideal response?