A labor intensive production process is one in which:
A. total costs will be minimized if labor is the primary factor of production used.
B. a part of the production process must be done by labor and cannot be substituted.
C. highly skilled labor is needed to produce the good.
D. a lot of labor is hired relative to the total inputs needed to produce the good.
Answer: D
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Chris pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Chris sells the bond. If the current one-year interest rate on government bonds is 7 percent, then the price Chris receives is:
A. greater than $10,000. B. $700. C. less than $10,000. D. $10,000.
________ occurs when a foreign firm sells its exports at a lower price than its cost of production
A) Dumping B) The trickle-down effect C) Rent seeking D) Tariff avoidance E) Nontariff barrier protection
When deciding what to use as money, one characteristic to look for is the:
A. shape. B. stability of value. C. exchange value D. intrinsic value.
If the CPI rose from 200 in 1992 to 260 in 1996, by what percentage did prices increase?
What will be an ideal response?