A business organization owned by a group of people for their mutual benefit:
a. a cooperative
b. a labor union
c. a limited liability partnership
d. a professional organization
Answer: a. a cooperative
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"When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount.". This statement
a. is an assertion that production functions have the property of constant returns to scale. b. is consistent with the view that capital is subject to diminishing returns. c. is inconsistent with the view that it is easier for a country to grow fast if it starts out relatively poor. d. All of the above are correct.
________ reflects household willingness to pay, and ________ reflects the opportunity cost of the resources needed to produce a good.
A. Price; marginal cost B. Price; average total cost C. Demand; price D. Marginal utility; price
The international institution that serves as a lender of last resort is called the
A) IBRD. B) WTO. C) IMF. D) World Bank. E) GATT.
A perfectly competitive producer's demand curve is:
a. a horizontal line. b. also the market-demand curve. c. downward sloping but more elastic than the market-demand curve. d. a vertical line. e. upward sloping.