A graph showing ________ is an isoquant.
A. all combinations of products that yield the same total utility
B. all combinations of capital and labor that have the same total cost
C. all combinations of products desired by consumers
D. all combinations of capital and labor that a firm can use to produce a given amount of output
Answer: D
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The GDP of Country X in a particular year was $820,000. If the value added by U.S
workers in the production of various goods and services in Country X during that year was worth $150,000 and the value added by the workers of Country X in the production of various goods and services in other countries during that year was worth $130,000, the GNP of Country X during that year was ________. A) $1,140,000 B) $135,000 C) $8,235,000 D) $800,000
Which one of the following possibilities is TRUE?
A) Much of eurocurrency trading occurs in Europe. B) Much of eurocurrency trading occurs in the United States. C) Eurocurrencies trading occurs everywhere except the United States. D) Eurocurrencies trading occurs everywhere except Europe. E) Eurocurrencies trading occurs everywhere except China.
According to economic historians, one result of international trade is that it
A) aids in the international transmission of ideas. B) reduces the world-wide output of goods. C) reduces the world-wide consumption of goods. D) causes persistent world-wide inflation.
The idea that having ownership of an item increases the value that a person puts on the item can be explained by
a. The endowment effect b. Loss aversion c. Overconfident bias d. Anchoring bias