The President of the NY Federal Reserve Bank is always a member of the Federal Open Market Committee.
Answer the following statement true (T) or false (F)
True
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A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside) the production possibilities curve.
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, the opportunity cost of producing one unit of Good X is ________ units of Good Y for Sherry and ________ units of Good Y for Holly.
A. 0.5; 2.5 B. 2; 0.4 C. 25; 100 D. 100; 25
Refer to the payoff matrix below. If Cruise R Us uses a mixed strategy, what probability for offering Specials should the firm use to equate Cruise the World's expected profits from offering a Special or not offering a special (No Special)?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) 0.33 B) 0.25 C) 0.75 D) 0.50
Graphically, we can think of the marginal product of a factor as the:
A. additional inputs associated with producing one more unit of output. B. slope of the total production curve, when output is plotted against the quantity of the input that is used. C. slope of the total cost curve, when output is plotted against the costs of the quantity of the inputs used. D. additional cost associated with producing one more unit of output.