A firm will choose to minimize their costs subject to their ______________
Fill in the blank(s) with the appropriate word(s).
Ans: isocost line
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Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Suppose Country B's population of workers increased to 600. Which of the following statements is now true?
A. Country B's production possibilities curve has rotated out for only production of iPods. B. Country B's production possibilities curve has shifted straight out. C. Country B's production possibilities curve has shifted straight in. D. Country B's production possibilities are now more limited because of crowding from having more workers.
If people correctly anticipate that inflation will fall by 1%, then
a. the short-run Phillips curve shifts right and unemployment is unchanged. b. the short-run Phillips curve shifts right and unemployment rises. c. the short-run Phillips curve shifts left and unemployment is unchanged. d. the short-run Phillips curve would shift left and unemployment falls.
Bolivia's government attempted to solve some of its problems with inequality of outcomes due to foreign investment in its natural gas resources by:
a. taxing international firms. b. insisting that the firms pay higher wages to workers in the industry. c. shutting down the firms in the wake of protests. d. nationalizing the firms by reclaiming 51% ownership and raising taxes on foreign profits.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.