Markets never fail
Indicate whether the statement is true or false
False
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The figure above illustrates a small country's production possibilities frontier. Moving from point A to point B, the per unit opportunity cost of a tablet is ________ per tablet
A) 2 computers B) 4/3 of a computer C) 100 computers D) 1/2 of a computer E) 1 tablet
The average tax rate is calculated as
A) total income divided by the total tax paid. B) the change in income divided by the change in total tax paid. C) total tax paid divided by total income. D) the change in total tax paid divided by the change in income.
Natural resources should be left in the ground
a. if their discounted future value exceeds their current value b. so future generations will be able to use them c. until companies agree to restore land after mining d. because we may run out e. economists have no good way to analyze this question
Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. Show that the isoquants for this function are convex
What will be an ideal response?