Which of the following is NOT an expression for the cost minimizing combination of inputs?
A) MRTS = MPL /MPK
B) MPL/w = MPK/r
C) MRTS = w/r
D) MPL/MPK = w/r
E) none of the above
A
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There is a 10% chance that you will have healthcare bills of $200,000; a 20% chance that you will have bills of $10,000; a 59% chance that you will have bills of $1,000; and an 11% chance of having bills of $0. What are your expected healthcare bills?
What will be an ideal response?
A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.
A. tariff B. voluntary export restraint (VER) C. import quota D. import ban
Which of the following is assumed when constructing a production possibilities curve?
A. the efficient use of resources B. a fixed amount of resources C. resources of a given quality D. All of these are correct.
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A) people's wants; the quantity of a good or service B) the quantity of a good or service; time C) the price of a good or service; the price of another good or service D) the price of a good or service; the quantity of the good or service E) the quantity of a good or service; the quantity of another good or service