If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a rational firm should
a. reduce the labor used and increase the machinery used if labor costs half as much as machinery.
b. reduce the labor used and increase the machinery used if labor and machinery cost the same amount.
c. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery.
d. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
c
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A U.S. boycott against Mexican tuna caught in nets was
A) not upheld by the WTO on the grounds that killing dolphins in tuna nets does not harm the United States directly. B) not upheld by the WTO on the grounds that U.S. ships could still use nets to catch tuna. C) upheld by the WTO on the grounds that the use of nets to catch tuna also kills dolphins. D) upheld by the WTO on the grounds that nations can impose any environmental standards on other nations.
Refer to the scenario above. Alex should place a bid of ________
A) $187.50 B) $200.50 C) $225 D) $250
Food and drug labeling is a low-cost way to inform consumers about the contents of foods and the dangers of drugs
Indicate whether the statement is true or false
If nominal gross domestic product (GDP) for a particular year is $6 trillion and real gross domestic product (GDP) for that year is $5 trillion, then the GDP price index for that year is _____
a. 1.2 b. 17 c. 20 d. 83 e. 120