A scatter diagram with the price of vacations to Mexico on the vertical axis and the price of vacations to California on the horizontal axis shows a positive relationshi
A) negative relationship, also called a direct relationshi
C
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Which of the following best describes the traditional political use of tariffs?
a. protection of borders b. protection of military secrets c. protection of exchange rates d. protection of vested economic interests
Suppose the marginal rate of technical substitution for labor with capital is 5, the marginal product of labor is 8, and the marginal product of capital is 4. Assuming the law of diminishing marginal product applies to both labor and capital, this firm:
A. is minimizing the cost of producing its output. B. could reduce costs by using fewer workers and more capital. C. could reduce costs by using less capital and more workers. D. could reduce the cost of producing the output by reducing workers and capital by the same proportion.
Internationally, the TRIPS agreement is uniformly regarded as a positive step for world prosperity
Indicate whether the statement is true or false
If an industry has 25 firms that collectively have $150 million in total sales and the top four firms in this industry account for $90 million in sales, what is the concentration ratio of the top four firms in this industry?
A) 42 percent B) 60 percent C) 70 percent D) 80 percent