Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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The First Bank of the United States was chartered by
a. the federal government. b. the state of New York. c. the city of New York. d. Suffolk County.
Answer the following statements true (T) or false (F)
1. An increase in consumer incomes will cause a decrease in the demand for an inferior good. 2. Two goods are considered to be related goods by many buyers: if the price of one increases, buyers buy more of the other. This indicates that the two goods are complements. 3. If two goods are substitutes, a decline in the price of one will cause a decrease in the demand for the other. 4. The law of supply states that, ceteris paribus, if the price of loans (known as "interest rate") rises then the quantity supplied of loans will decrease.
Refer to the above figure. A price floor of $60 results in
A. a surplus of 100 units. B. a shortage of 100 units. C. a shortage of 200 units. D. a surplus of 200 units.
Suppose that growth in output that can be attributed to growth in labor and capital is 2%. If output grows at a rate of 5%, it must be the case that
A. growth in capital exceeds growth in labor. B. the economy is experiencing technological progress. C. the economy is not spending enough on acquiring human capital. D. growth in labor exceeds growth in capital.