Refer to Figure 7.5. Which diagram represents isoquants for fixed-proportions technology?
A. A
B. B
C. C
D. D
D. D
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Martha and Wendy start a cookie shop and the business is organized as a corporation. Because of poor planning the business goes bankrupt and the corporation's debt is $30,000. Martha has $30,000 in savings and Wendy has $80,000 in savings
Martha must pay ________ of the debt and Wendy must pay ________ of the debt. A) $0; $0 B) $15,000; $15,000 C) $0; $30,000 D) None of the above answers is correct because each must pay but the amount each must pay cannot be determined without more information about who managed the company.
In a Malthusian world, what events would improve permanently the standard of living, as measured by output per capita?
A) a peace keeping mission B) an increase in violent crime C) a new mutation of germs D) a new sewer system
It is possible for one person to have an absolute advantage in something even if she has no comparative advantage in anything
a. True b. False
Which tax rate measures the percent of your income paid in taxes?
a. the marginal tax rate b. the average tax rate c. progressive tax coefficient d. the excise tax rate