Who made the campaign pledge, "Read my lips: no new taxes?"
A. Gerald Ford
B. Second President Bush
C. Ronald Reagan
D. First President Bush
D. First President Bush
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Refer to the table above. The opportunity cost per dollar of value added in stitching shoes by workers in Laborland is ________
A) $0.25 B) $0.50 C) $2 D) $4
From the profit maximizing conditions for the Cobb-Douglas production function, we find that the optimal input demands for labor and capital may be related as L = brK/(aw). Under what conditions are the expenditures on capital and labor equal?
A) Constant returns to scale B) Increasing returns to scale C) Decreasing returns to scale D) a = b
We have read that the uninsured and the insured behave differently in regard to medical services. Suppose that the insured have a demand curve that can be written as Q = 100 - P, where Q is the quantity of medical services and P is the price. Suppose further that the uninsured have a demand curve that can be written as Q = 100 - 2P.
(a) At a price of $10 of medical services, how much will each demand? (b) At a quantity of 50 units, how much will the price be for the insured and uninsured?
Using graphs to illustrate the concepts, absolute advantage
a. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. b. requires a very steep curve; comparative advantage requires a curve with a shallow slope. c. on one good requires that the slope of the production possibilities curve be steeper for that good. d. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.