To promote rapid economic growth, the new growth theory would argue for increased scholarships in
A. women’s studies.
B. deconstructionist literature.
C. post-modern sociology.
D. biology.
Answer: D
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If the marginal rate of technical substitution of labor for capital (MRTSLK) exceeds the relative price of labor in terms of capital (PL/PK), then
a. the firm's long-run average cost curve is rising. b. the firm is producing its output at the least possible cost, but the firm should reduce its output level to increase its profits. c. the firm has increased its output level beyond the point of diminishing marginal returns. d. the firm needs to use less capital and more labor to reach its expansion path.
The figure above illustrates a linear demand curve. By comparing the price elasticity in the $2 to $4 price range with the elasticity in the $8 to $10 range, you can conclude that the elasticity is
A) greater in the $8 to $10 range. B) greater in the $2 to $4 range. C) the same in both price ranges. D) greater in the $8 to $10 range when the price rises but greater in the $2 to $4 range when the price falls.
Table 7-6 Number of ovens 2 2 2 2 2 2 2 2 Labor hours used 1 2 3 4 5 6 7 8 Loaves of bread produced 20 34 55 70 82 91 94 92 Table 7-6 shows a baker’s daily production relationship for bread. Diminishing returns to labor begin when the baker goes from
A. one hour of labor to two hours of labor. B. three hours of labor to four hours of labor. C. six hours of labor to seven hours of labor. D. seven hours of labor to eight hours of labor.
It is correct to say that individuals _____ preferences and groups _____ preferences
a. have; have b. do not have; have c. do not have; do not have d. have; do no have