Refer the above figure. Stage "4" of the economy is called
A. an expansion.
B. a development.
C. a maturity.
D. a spreading out.
Answer: A
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Isoquants are convex to the origin due to:
A) the law of diminishing marginal utility. B) the assumption of the diminishing marginal productivity of each input. C) the fact that as less capital is used, its marginal productivity falls. D) the fact that as more labor is used, its marginal productivity rises.
A monopolist is a price searcher because it has the ability to select the price along its demand curve of its product
a. True b. False Indicate whether the statement is true or false
The requirement of a "double coincidence of wants" is the chief __________ of the __________ exchange system
A) advantage; barter B) advantage; monetary C) disadvantage; barter D) disadvantage; monetary
If imports are greater than exports, then the difference between them will be added to other expenditures to calculate GDP.
Answer the following statement true (T) or false (F)