A certain production process requires only two types of inputs — capital and labor. In 2006, 100 units of labor and 50 units of capital were employed, and 100 units of output were produced. In 2013, 112 units of labor and 56 units of capital were employed. If the production process displays constant returns to scale, then how many units of output were produced in 2013?
a. 100
b. 112
c. 124
d. 144
b
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Lizzie's budget line is shown in the figure above. Lizzie's real income in terms of cookies is ________ cookies
A) 5 B) 10 C) 15 D) 20
How does a production quota influence farm prices and output?
What will be an ideal response?
Critically evaluate the following statement. "Only if a country enjoys an absolute advantage in the production of a particular good will that country find it beneficial to trade it with another country
What will be an ideal response?
The figure below represents the effects in the labor markets due to migration. Here, the world has been divided into a high-income "North" (left panel) and a low-income "South" (right panel). Dn and Sn are the labor demand and the labor supply curves in North. Ds and (Sr + Smig) are the labor demand and pre-migration labor supply curves in South. Sr is the post-migration labor supply curve in South. The value c is the cost of migrating.
When migration is not allowed, workers in North earn ________ per hour and workers in South earn ________ per hour.
A. $8.00; $3.00 B. $8.00; $4.25 C. $6.75; $3.00 D. $6.75; $4.25