The maximum price that a buyer is willing to pay for a good measures his
A) producer surplus. B) willingness to pay. C) consumer surplus. D) marginal benefit.
B
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What was the U.S. inflation rate in 2009?
a. 2% b. -1% c. 0% d. 10%
Liabilities consist of anything of value that is owned and assets are things that are owed to someone else
Indicate whether the statement is true or false
Assume a two-country, two-commodity, two-input model where the following relationships hold:(K/L)U.S. > (K/L)ROW(K/L)automobiles > (K/L)shoes (K/L)U.S. is the capital-labor ratio in the United States, (K/L)ROW is the capital-labor ratio in the Rest of the World, (K/L)automobiles indicates the capital-labor ratio in the production of automobiles, and (K/L)shoes indicates the capital-labor ratio in the production of shoes.Assume further that technology and tastes are the same in the United States and the Rest of the World. If trade opens up between the United States and the Rest of the World, according to the Heckscher-Ohlin model, the Rest of the World will export ________ and import
A. shoes; automobiles. B. automobiles; shoes. C. neither good; both goods. D. both the goods; neither good.
The sum of fixed cost and variable cost at any rate of output is
A. Total cost. B. Total variable cost. C. Average total cost. D. Average marginal cost.