A nation can determine how close it is to the classical range by considering its:
a. Export position.
b. Net export position.
c. Exchange rate.
d. None of the above.
.D
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Answer the following statement(s) true (T) or false (F)
1. All baskets of labor and capital capable of producing a given level of output are technologically efficient. 2. The Marginal Rate of Technical Substitution can be expressed as the ratio of the Marginal Productivities of Labor and Capital. 3. Output is held fixed along an isocost. 4. Moving down and to the right on an isoquant tells us how much quantity increases as inputs increase. 5. Like a family, a firm faces a fixed level of expenditure and therefore must choose one point along a particular isocost line.
The average propensity to consume (APC) equals
A) the change in consumption expenditures divided by the change in real disposable income. B) real disposable income divided by consumption expenditures. C) the change in real disposable income divided by the change in consumption expenditures. D) consumption expenditures divided by real disposable income.
When external costs are present and government imposes a tax equal to the external marginal cost, then efficiency can be achieved
Indicate whether the statement is true or false
Suppose Copernicus Corporation hires Damon Danielson rather than Elmer Ellison, simply because Damon is a graduate of an Ivy League school while Elmer is a graduate of a small public university. Elmer is actually more qualified than Damon. This is an
example of: A. statistical discrimination. B. irrational behavior. C. monopsony exploitation. D. human-capital discrimination.