A firm's isoprofit curve is defined as the combinations of outputs produced by:
A. all firms that yield the firm the same level of profit.
B. all firms that make total industry profits constant.
C. a firm that earns it the same level of profits.
D. None of the answers is correct.
Answer: A
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"Brain-drain" refers to the:
A. Relatively low levels of human capital in low-income countries B. Impact of migration on human capital levels in high-income countries C. Emigration of highly educated workers to higher income countries D. Inability of workers in low-income countries to achieve the levels of human capital possessed by workers in high-income countries.
The short-run Phillips curve illustrates ________ relationship between the unemployment rate and the inflation rate
A) a mixed B) an upside-down U-shaped C) a positive D) no E) a negative
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows a decrease in the price of capital while the price of labor remains unchanged?
A) the movement from BF to AF B) the movement from BF to BD C) the movement from AF to BF D) the movement from BF to CE
Refer to Figure 8.2. Which graph illustrates an output expansion path with a constant capital-labor ratio?
A. A
B. B
C. C
D. D