The isoquants are normally drawn with a convex shape because inputs are:
A. perfectly substitutable.
B. perfect complements.
C. normal goods.
D. not perfectly substitutable.
Answer: D
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Restrictions on imports
A) usually have no permanent effects on an economy. B) is the best way to increase exports. C) protect United States jobs. D) eventually reduce exports.
Economics is the study of
a. how to get rich by playing the stock market b. the best ways to reduce people's wants, given the scarcity of resources c. how rational government officials determine what goods should be produced d. money and why it is good e. how people use limited resources to try to satisfy unlimited wants
Other things held constant, higher saving rates lead to
A. higher living standards. B. a lower standard of living. C. increases in the number of hours workers work. D. decreases in real per capita GDP.
The monopolist's total revenue curve is represented graphically by a positively sloped line.
Answer the following statement true (T) or false (F)