Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are:
A. concave to the origin.
B. L-shaped.
C. convex to the origin.
D. linear.
Answer: C
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The high price of agricultural land is basically
A) the cause of high food prices. B) the result of high food prices. C) unrelated to food prices because processing costs dominate food prices. D) unrelated to food prices because there is no opportunity cost of producing land.
Suppose a university refunds students 75% of their tuition if they drop out before the third week of class, 50% if they drop out between their third and fifth week, 25% if they drop out between their sixth and eighth week, and 0% after the eighth
week. Flint paid $1,000 tuition, and is in his fourth week of class. What's his sunk cost? A) $0 B) $250 C) $500 D) $750 E) $1,000
The usefulness of money in carry out transactions is its ________ and the nominal interest rate is its ________.
A. benefit; cost B. demand; supply C. supply; demand D. cost; benefit
Expectations are destabilizing if they are based on the belief that exchange rates eventually return to the values consistent with basic economic conditions.
Answer the following statement true (T) or false (F)