The use of goods and services for personal satisfaction is known as
A. production.
B. the formation of capital goods.
C. personal investment.
D. consumption.
Answer: D
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A Cobb-Douglas production function:
A) exhibits constant returns to scale. B) exhibits increasing returns to scale. C) exhibits decreasing returns to scale. D) can exhibit constant, increasing, or decreasing returns to scale.
An increase in the price of the U.S. dollar in terms of euros will cause, ceteris paribus,
A. European goods to be cheaper to residents of the United States. B. Higher interest rates in the United States. C. European goods to be more expensive to residents of the United States. D. A lower European inflation rate.
A firm in a perfectly competitive market:
A. must take the price that is determined in the market. B. must reduce its price if it wants to sell a larger quantity. C. must be large relative to the total market. D. can exert a major influence on the market price.
Refer to the information provided in Figure 4.5 below to answer the question(s) that follow.
Figure 4.5Refer to Figure 4.5. At the world price of $15 per CD-Rom drive, the United States imports ________ million CD-Rom drives.
A. 3 B. 6 C. 9 D. 12