The condition, MRS1,'C' = w ', describes the representative consumer's
A) investment decision.
B) consumption - savings decision.
C) current period work - leisure decision.
D) future period work - leisure decision.
D
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In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?
A) When the product can be packaged with a variety of price and quality combinations. B) When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive. C) When the level of economic activity can have a significant effect on the demand for the firm's output. D) When the product being marketed is relatively new.
Suppose purchasing power parity holds. If in 1997 the price level in the United States is 100, the price level in Japan is 10,000, and the nominal exchange rate is 100 yen per dollar, while in 1998 the price level in Japan rises to 10,500 and the
nominal exchange rate rises to 105, then the price level in the United States in 1998 must be A) 95. B) 100. C) 105. D) 110.25.
When the economy is near the natural unemployment rate, most adult males looking for work are experiencing ________ unemployment
A) turnover B) mismatch C) cyclically D) seasonally
A monopolist’s cost curves will
A. be identical to those of a competitive firm. B. be higher than a competitive firm’s cost curves. C. be peculiar to the individual producer since there is only one. D. drop more steeply as output increases.