The cost-output elasticity is used to measure:
A) economies of scope.
B) economies of scale.
C) the curvature in the fixed cost curve.
D) steepness of the production function.
B
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The MPC is equal to the
A) level of consumption expenditure divided by the level of total disposable income that brought it about. B) change in consumption expenditure divided by the total disposable income that brought it about. C) change in disposable income divided by the change in consumption expenditure. D) level of consumption divided by the change in disposable income that brought it about. E) change in consumption expenditure divided by the change in disposable income that brought it about.
Does game theory always predict real-world situations involving strategic interactions? Why or why not?
What will be an ideal response?
You are studying with a friend and your friend says, "Private goods are excludable and nonrival, while public goods are nonexcludable and rival." Do you agree?
What will be an ideal response?
The most important international trade organization is
A) the World Bank. B) the World Trade Organization. C) the International Monetary Fund. D) the European Union.