Refer to the given data. Assuming the prices of resources a and b are $5 and $8 respectively, what is the least costly combination of resources for the firm to employ in producing 192 units of output?
Answer the question on the basis of the following marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit.
A. 2 of a and 6 of b.
B. 6 of a and 2 of b.
C. 4 of a and 3 of b.
D. 3 of a and 4 of b.
D. 3 of a and 4 of b.
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Consider two countries: A and B. In country A, the annual growth rate of GDP per capita is 2%, while in country B the annual growth rate of GDP per capita is 6%. At present, country B's GDP per capita is higher than country A's GDP per capita
Which of the following statements will then be true? A) The gap between country A's GDP per capita and country B's GDP per capita will decrease for the first few years and then will increase later. B) The gap between country A's GDP per capita and country B's per capita will decrease over time. C) The gap between country A's GDP per capita and country B's per capita will widen over time. D) The gap between country A's GDP per capita and country B's per capita will remain the same.
Adverse selection is, in general, the asymmetric information problem that occurs
A) after a transaction is consummated. B) due to a size difference in the parties to a transaction. C) with securitization. D) before a transaction is consummated.
The age-earning cycle
A) is an earnings profile of an individual throughout his or her lifetime. B) shows the earnings differences by age and by gender. C) depicts differences in the relationship between age and earnings across countries. D) shows the average incomes of people broken down by age categories.
Bureaucratic capture occurs when:
A. lobbyist groups become so powerful that they essentially have a stranglehold on policymakers. B. professionals from one particular industry hold the majority of positions in one particular government office. C. industries become halted in their ability to continue operating due to over-regulation of the market. D. government positions are filled by people with close ties to the group they are supposed to regulate