Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5
B) -50
C) -.02
D) None of the above.
B
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Pick the scarce good below with the completely inelastic demand curve
A) Clean air B) Clean water C) Tropical rain forests D) Well-maintained national-forest fisheries E) Trick question: none of the above goods have a completely inelastic demand curve.
The major flaw of the linear probability model is that
A) the actuals can only be 0 and 1, but the predicted are almost always different from that. B) the regression R2 cannot be used as a measure of fit. C) people do not always make clear-cut decisions. D) the predicted values can lie above 1 and below 0.
Describe the importance and major features of the Sherman Act of 1890
What will be an ideal response?
A rapid and decisive reduction in the rate of growth of the money supply for the purpose of disinflation is called
A. a cold shower policy. B. gradualism. C. a salt water policy. D. a cold turkey policy.