Which is likely to be larger, the velocity of M1 or M2?
a. M1, because M2 is a larger number.
b. M2, because M1 is a larger number.
c. The velocities of both are approximately equal.
d. The numbers of velocity switch in relative size.
a
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A company needs to know the price of each resource it employs if it wants to determine whether or not it is achieving
A) technological efficiency. B) economic efficiency. C) accounting efficiency. D) managerial efficiency.
An example of a natural monopoly is
A) a house. B) the Internet. C) air traffic control. D) fish in the ocean.
A monopsony will:
a. hire more workers than a competitive employer. b. pay a higher wage than a competitive employer. c. employ a quantity of labor where the marginal revenue product equals the marginal factor cost. d. all of these.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of oranges per 3 tons of apples: a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other
countries. b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries. c. Karl and Adam will trade apples and oranges with one another. d. Karl and Adam will not specialize or engage in international trade.