The rate at which one input can be exchanged for another without altering output is called
A. the marginal rate of technical substitution.
B. the slope of the total product curve.
C. the law of diminishing returns of labor.
D. the slope of the marginal product of labor.
Answer: A
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In the short run, perfectly competitive firms can
A. make an economic profit. B. take a loss. C. break even. D. All of the responses are correct.
Arguably, the most important factor affecting economic well-being is
A. the inflation rate. B. the unemployment rate. C. the growth of budget deficits. D. the growth in productivity. E. the growth of monopoly power by firms.
Which statement about entrepreneurship in America is true?
A. Alexander Graham Bell and Thomas Edison were two of the most famous American inventors who became entrepreneurs. B. Often the entrepreneur is an innovator. C. The vast majority of entrepreneurs in America either work for themselves or have just one or two employees. D. All of the statements are true.
All things equal, the price elasticity of supply:
A. will be greater in the short run than in the long run. B. will be greater in the long run than in the short run. C. is the same for the short run and the long run. D. approaches zero in the long run.