The best example of a standardized good would be:
A. breakfast cereal
B. a handbag.
C. an autographed baseball.
D. corn.
Answer: D
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Refer to Figure 10.1. The dominant strategy for ________ is to contribute
A) Daisy B) Bo C) Luke D) none of the above
A firm chooses its profit-maximizing quantity of capital by
A) examining the total cost of capital equipment. B) comparing the price of capital with the price of labor. C) comparing the marginal revenue product of capital with the rental price of capital. D) determining the rate at which the firm can borrow funds to purchase plant and equipment.
Assume that labor and capital are complements in production and that the wage declines. Which of the following statements best describes the adjustment in the use of labor?
A) Adjustments in labor use are not influenced by adjustments in capital use. B) The MRPL curve shifts downward in this case. C) More labor is used both because of the reduced wage and increased use of capital. D) Changes in labor use are indeterminate because the reduced wage and reduced use of capital have opposite influences on the use of labor.
During which time will fiscal policy be the most effective?
A) normal times B) times of war C) in the middle of expansions D) times of stagflation