A consumption possibilities curve shows the combinations of two goods that can be consumed when a nation specializes in producing a particular good and trades with another nation.
Answer the following statement true (T) or false (F)
True
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Traditionally, Wall Street investment banks had been organized as ________, but by 2000 they had converted to being ________
A) sole proprietorships; partnerships B) partnerships; sole proprietorships C) corporations; partnerships D) partnerships; publicly-traded companies
Marginal product is
A. the output of the least skilled worker. B. a worker's output multiplied by the price at which each unit can be sold. C. the amount any given worker contributes to the firm's total revenue. D. the amount an additional worker adds to the firm's total output.
Which question is an illustration of a microeconomic question?
a. Is the quantity of wine purchased in one year dependent upon the price of wine? b. Is the purchasing power of the dollar higher or lower today than it was in 2000? c. Does government spending influence the total level of employment in the economy? d. Is capitalism superior to socialism?
The fact that the demand for eggs is inelastic is not surprising because
A. the supply of eggs is inelastic. B. there are many substitutes for eggs as breakfast food. C. they are so inexpensive. D. the demand for food is inelastic.