If Germany's Real GDP rises, this tends to ________________ United States exports, shifting the United States AD curve to the ___________________
A) raise; right
B) raise; left
C) lower; right
D) lower; left
A
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In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, the substitution effect is the movement from point ________ to point ________
A) a; b B) b; d C) b; c D) a; c
Marginal rates of technical substitution (MRTS) represent
A) the optimum combinations of inputs. B) cost-minimizing combinations of inputs. C) the degree to which one input can replace another without output changing. D) All of the above
View Your World, a high-end window manufacturer, directly pays all of the transaction costs. The managers of View Your World are considering the profit-maximizing location for their plant. If locating the plant closer to its customers saves $10,000 in transportation costs of its windows to its customers, but causes an additional $7,500 in input transportation costs, View Your World ________
locate its plant closer to its customers as the marginal benefit is ________ than the marginal cost. A) should not; less B) should not; more C) should; greater D) should; less
An entrepreneur is a(n):
a. individual who has much education. b. organizer who seeks profitable opportunities and is willing to accept risks. c. business organization that uses inputs to produce output. d. depot or warehouse for commercial products.