Two inputs ______ when they must be combined in a fixed ratio.
A. are perfect substitutes
B. are perfect complements
C. represent Cobb-Douglas technology
D. are fixed inputs
B. are perfect complements
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Which of the following is an example of an intermediate good?
a. Sugar bought by a bakery b. Sugar bought by a family c. Furniture bought by a family d. Burgers bought at a restaurant e. Medicines bought at a pharmacy
At the core of the American trade problem is that
A. Americans spend too much on consumption. B. the dollar is too low. C. the Japanese are excluding American products by means of high protective tariffs. D. American manufacturers are too quality conscious and should instead concentrate on reducing costs.
Imagine a scandal that finds the officers of bond rating agencies have been taking bribes to inflate the rating of specific bonds. This should:
A. decrease the demand for all bonds. B. have no impact on the bond market since bond markets are highly efficient. C. decrease the risk spread. D. increase the demand for U.S. Treasury securities and decrease the demand for corporate bonds.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.