Along a supply curve:
a. supply changes as price changes
b. quantity supplied changes as price changes.
c. supply changes as technology changes.
d. quantity supplied changes as technology changes.
b
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If a firm is using optimal input proportions, it is minimizing its costs.
Answer the following statement true (T) or false (F)
If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1,
a. people will cease to use gold and silver as money. b. the Treasury will be forced to issue paper money. c. gold is undervalued at the mint. d. silver is undervalued at the mint.
All else equal, at what interest rate would the PDV of a lottery prize that pays $1,000,000 today and $1,000,000 each year for the next 19 years be equal to $10,000,000?
A. 5.26% B. 7.75% C. 8.92% D. 50.00%
Assume that employment decreases by 3%. Holding all other factors constant, we know with certainty that which of the following will occur?
A) output will decrease by 3% B) output per capita will decrease by 3% C) output will decrease by less than 3% D) the capital labor ratio will decrease E) none of the above