Isocost curves represent
A) least cost combinations of inputs.
B) combinations of inputs that can be purchased given their prices for the same total cost.
C) a producers cost function.
D) None of the above
B
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The practice of a firm setting a price so low that all firms incur losses is called
a. a tournament. b. predatory pricing. c. a buy-out strategy. d. a contestable market.
Alejandro expects the price level to rise from 105 this year to 108 next year. If the price level rises to 110 next year instead of 108, which of the following will occur?
A) Alejandro's real wage rises. B) Alejandro's real wage remains unchanged. C) Alejandro's real wage may rise or fall, depending on the unemployment rate. D) Alejandro's real wage falls.
Development plans have often failed because
(a) they have been insufficiently specific about projects. (b) they have overlooked noneconomic considerations. (c) they have been overambitious. (d) all of the above. (e) none of the above.
Which of the following is included in both the U.S. GDP and GNP?
A. The value of cars produced by Nissan in Japan and the U.S. B. The value of all cars produced by Ford in Mexico. C. The value of all cars produced by General Motors in the U.S. D. The value of all cars produced by Toyota in the U.S.