If Panama has a high opportunity cost of producing salmon steaks, then it should export salmon steaks
a. True
b. False
B
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Technological improvement
A) can hide the presence of diminishing returns. B) can be shown as a shift in the total product curve. C) allows more output to be produced with the same combination of inputs. D) All of the above are true.
Refer to the payoff matrix below. If Firm A adopts the low-price strategy, then Firm B would adopt the:
Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm:
A. High-price strategy and earn $250
B. High-price strategy and earn $200
C. Low-price strategy and earn $325
D. Low-price strategy and earn $175
According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty
India has averaged 7 percent growth in GDP since 1997. Which of the following is TRUE? A) India's PPF has been shifting rightward since 1997. B) India's PPF has been shifting leftward since 1997. C) India has been moving from a point within its PPF to points beyond its PPF. D) India's PPF has not shifted since 1997.
Which of the following is TRUE?
A) Real and nominal values are not related. B) Real standards of living can increase without any positive economic growth. C) Real standards of living decrease with positive economic growth. D) Real growth rates fail to account for by price level changes.