With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial
Indicate whether the statement is true or false
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What is the law of diminishing marginal product? What causes it?
Brett, who is a chef, divides his time between fishing and cooking meals. His production set is described by the equation , where is the number of salmon he catches and y the number of meals he cooks. If Brett catches 5 salmon and cooks 2 meals,
a. he is overusing his resources. b. the result is economically efficient. c. the result is economically inefficient. d. he is achieving the best possible outcome.
The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity supplied will be ________ microwaves.
A. 4,800 B. 5,000 C. 4,000 D. 4,500
Refer to the information provided in Figure 24.3 below to answer the question(s) that follow.
Figure 24.3Refer to Figure 24.3. At equilibrium, ________ equal $300 billion.
A. autonomous planned expenditures B. break even income C. autonomous consumption D. autonomous saving