When 2 units of labor are used, output is
A. 5.
B. 8.
C. 10.
D. 13.
D. 13.
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Refer to Figure 4.1. Theodore's available strategies include
A) top and bottom. B) up and down. C) left and right. D) all of the above
An indifference curve is a line that shows combinations of goods among which a consumer
A) needs equally. B) does not care which combination he or she receives. C) can afford. D) has readily available.
Refer to Table 4-8. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.00; Q = 410,000 B) W = $9.50; Q = 420,000 C) W = $8.00; Q = 390,000 D) W = $8.50; Q = 400,000
In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively
A) benefit; abundant; export B) harm; abundant; import C) benefit; scarce; export D) benefit; scarce; import E) harm; scarce; export