Which of the following is (are) characteristics of an isocost curve?
A. The slope shows the rate at which the firm can substitute labor for capital while holding
B. total cost constant.
C. The slope shows the rate at which the firm can substitute labor for capital in the market.
D. If the price of capital is unchanged and the price of labor increases, the intercept of the isocost curve on the horizontal axis will decrease.
E. both a and c
F. all of the above
Answer: E
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Which of the following would, by itself, reveal the most about a country's standard of living?
a. its level of capital b. the number of hours worked c. its availability of natural resources d. its productivity
Commitment devices can be:
A. a way for people to voluntarily restrict their choices in order to make it easier to stick to plans. B. a way to use choice architecture to help you avoid temptation. C. formal policies or products. D. All of these statements are true.
According to your textbook, which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?
A.) Consumer goods, total government purchases, investment goods, exports. B.) Consumer goods, investment goods, total government purchases, exports. C.) Investment goods, consumer goods, total government purchases, exports. D.) Total government purchases, consumer goods, investment goods, exports.
Refer to the information provided in Figure 33.5 below to answer the question(s) that follow.
Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel. If the world price of oil is $120 per barrel, this country will
A. export 5 million barrels. B. import 14 million barrels. C. export 19 million barrels. D. import 19 million barrels.