Marginal rates of technical substitution (MRTS) represent
A) the optimum combinations of inputs.
B) cost-minimizing combinations of inputs.
C) the degree to which one input can replace another without output changing.
D) All of the above
C
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When actual inflation is less than expected inflation,
A) borrowers lose and lenders gain. B) borrowers gain and lenders lose. C) borrowers and lenders both lose. D) borrowers and lenders both gain.
If the government institutes a specific tax for a good that has a perfectly elastic demand curve
A) the producer passes the entire tax on to the consumer. B) the producer must absorb the entire tax. C) the producer can generally only pass part of the tax onto the consumer. D) the equilibrium price drops.
On its web site, your bank posts the interest rates it is paying on savings accounts. Those posted rates
a. and a price index are both real variables. b. and a price index are both nominal variables. c. are real variables, and a price index is a nominal variable. d. are nominal variables, and a price index is a real variable
other things constant, countries with higher investment rates will
What will be an ideal response?