Which of the following countries is among the top-five trading partners of the United States?
a. England
b. China
c. Russia
d. India
b. China
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Explain the difference between the CPI and GDP deflator measures of inflation. Which one is likely to measure inflation higher? Why?
What will be an ideal response?
Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 5th laborer?
A) 8 cabinets B) 7 cabinets C) 6 cabinets D) 4 cabinets
Suppose the marginal rate of technical substitution for labor with capital is 5, the marginal product of labor is 8, and the marginal product of capital is 4. Assuming the law of diminishing marginal product applies to both labor and capital, this firm:
A. is minimizing the cost of producing its output. B. could reduce costs by using fewer workers and more capital. C. could reduce costs by using less capital and more workers. D. could reduce the cost of producing the output by reducing workers and capital by the same proportion.
________: the consumption bundle that maximizes total utility and is feasible as defined by the budget constraint
Fill in the blank(s) with correct word