Cost efficiency refers to the
A. Amount of output associated with an additional dollar spent on input.
B. MPP of labor divided by the product price.
C. Effectiveness of labor in reducing production costs.
D. Ability to produce at a level of output where the wage rate is equal to or less than the MRP.
Answer: A
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If the price elasticity of demand for airline travel is 0.52 in the short run and 1.46 in the long run, then the demand for airline travel is ________ in the short run and ________ in the long run
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
U.S. per capita GDP is roughly how much larger than the world average?
A. Five times as large. B. Twice as large. C. Four times as large. D. Three times as large.
Suppose the domestic interest rate is 3% and that the foreign interest rate is 6%. And finally, assume that the domestic currency is expected to appreciate by 4% during the coming year. Given this information, we know that
A) individuals will only hold domestic bonds. B) individuals will only hold foreign bonds. C) individuals will be indifferent about holding domestic or foreign bonds. D) the interest parity condition holds.
The International Monetary Fund
A. is a multinational organization that aims to promote world economic growth through more financial stability. B. is the bank that causes international financial crisis when the reserves are too high. C. is a central bank like the Federal Reserve System. D. is a multinational agency that specializes in making loans to promote long-term development and growth in developing countries.