Transfer payments are payments that are:
A. made to firms in order to transfer goods and services to the government.
B. payments made to households that can then be spent by the households.
C. made in market transactions in order to get the seller to transfer the goods or services to the buyer.
D. made in order to obtain public goods or services.
B. payments made to households that can then be spent by the households.
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The marginal rate of technical substitution at any particular labor-capital bundle is
A. the wage relative to the cost of capital. B. the ratio of labor to capital. C. the slope of the isoquant. D. the slope of the indifference curve. E. the average product of labor relative to the average product of capital.
Why is it inefficient to be overinformed?
What will be an ideal response?
International trade is advantageous because trade makes it possible for people in each country to
a. import more than they export. b. export more than they import. c. employ more of their domestic resources producing things that are costly for them to produce domestically. d. acquire goods from foreigners more economically than they could be produced domestically. e. do all of the above.
Write the formula for finding the future value of $1,000 today in 10 years if the interest rate is 4 percent