People in poor countries may have difficulties achieving economic growth because:
a. their production possibilities curves slope upward instead of downward.
b. they must cut back on current consumption to increase capital goods.
c. they have a solid consumption base already in place.
d. their resource bases are fully developed.
e. the law of increasing costs makes it hard to produce more goods.
b
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A firm will shut down in the short run if at the profit-maximizing quantity, ___________
A. total revenue is less than total cost B. marginal revenue is less than average fixed cost C. average total cost exceeds the market price D. marginal revenue is less than average variable cost
If the Fed desires an interest rate increase, the Federal Open Market Committee (FOMC) could buy U.S. government securities in the open-market
Indicate whether the statement is true or false
Which of the following is an estimable form of a production function?
A. Q = f(L, 
)
B. Q = f(L, K)
C. Q = aK3L3 + bK2L2
D. all of the above
E. none of the above
Why is limited liability so important when firms try to raise large amounts of financial capital? How is this advantage of a corporation tied to a disadvantage of a corporation?
What will be an ideal response?