Anything owed by a person or a firm is
A) an asset.
B) a liability.
C) a bond.
D) equity.
Answer: B
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How much do outputs increase when labor and capital increase from 1 to 2 units for the following production function , q = 10L0.5K0.3?
A) 7.4 units. B) 7 units. C) 8 units. D) None of the above.
Refer to the above figure. The figure represents the consumption function for a consumer. Point D represents
A) autonomous consumption. B) saving. C) dissaving. D) zero saving.
If Lauren's substitution effects outweigh her income effects, her labor supply curve will
A. Appear vertical. B. Bend backward. C. Slope upward. D. Appear horizontal.
A country can achieve some combination of goods outside its production possibilities curve by:
A. idling some of its resources. B. specializing and engaging in international trade. C. buying the debt (bonds and stocks) of foreign nations. D. producing more capital goods and fewer consumer goods.