Suevania opens its doors to trade with Barvania. Barvania has a comparative advantage in the production of machinery. Hence, once trade occurs Suevania's consumers will buy ________ machinery and pay ________ before
A) more; a lower price than
B) the same amount of; the same price as
C) less; a higher price than
D) more; a higher price than
E) less; a lower price than
A
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Suppose the production function is given by Q = 3K + 4L. What is the marginal product of capital when 10 units of capital and 10 units of labor are employed?
A. 11 B. 3 C. 45 D. 4
Interest rates will increase if the Fed conducts an open market purchase.
Answer the following statement true (T) or false (F)
It is widely believed that the Federal Reserve's most important function is
A. to lend to risky customers. B. to provide loans to the federal government. C. to regulate the money supply. D. to set the legal, controlled consumer interest rates.
The "high-tech revolution" grew out of many tiny start-up operations. This is an argument that more technological change occurs in ________ market structures.
A. oligopolistic B. monopoly C. more competitive D. duopoly