Criteria used to judge a central bank's independence include each of the following, except:
A. budgetary independence.
B. cabinet or ministry level of authority.
C. long terms for members.
D. irreversible decisions.
Answer: B
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Labor demand curves always slope down.
Answer the following statement true (T) or false (F)
Which of the following constrain (that is, limit) a firm's profits? I. its technology II. its information III. the market in which it operates
A) I only B) I and II C) II and III D) I, II and III
A catering company is producing at a point where its marginal costs are $25 and its fixed costs are $5000 . At the current price of $10 it is producing 50 meals. If the demand goes up, such that they can now charge $20 per meal, how much should the firm now produce?
a. 60 meals b. 70 meals c. 80 meals d. None, they should shut down
The marginal rate of technical substitution (RTS) of labor for capital measures:
a. the amount by which capital input can be reduced while holding quantity produced constant when one more unit of labor is used. b. the amount by which labor input can be reduced while holding quantity produced constant when one more unit of capital is used. c. the ratio of total labor to total capital. d. the ratio of total capital to total labor.