Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Belize consume?
A) 150 B) 270 C) 930 D) 1,200
B
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Consider a demand curve that has a constant elasticity value of 0. What happens to quantity demanded and total revenue when price increases?
A) The quantity demanded does not change but total revenue decreases. B) The quantity demanded and total revenue fall to zero. C) The quantity demanded and total revenue remain the same. D) The quantity demanded does not change but total revenue increases.
Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. The firm currently produces q1 units. If all inputs doubled, the new level of output will equal
A) 20.4 q1. B) 20.8 q1. C) 0.8 q1. D) 1.6 q1.
For a perfectly competitive firm, the marginal revenue product is equal to the marginal product multiplied by the output price
a. True b. False Indicate whether the statement is true or false
If the supply of medical supplies that nurses use when performing sports physicals decreases, what happens in the market for nurses?
a. Demand increases from D1 to D2. b. Demand increases from D2 to D1. c. Supply increases from S1 to S2. d. Supply increases from S2 to S1.