Refer to the following figure. The price of capital is $50 per unit:
How many units of labor should the firm use to produce 1,200 units of output at least cost?
A. 500
B. 240
C. 175
D. 120
E. 128
Answer: C
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For each surfboard that Australia produces, it gives up the opportunity to make 25 boomerangs. New Zealand can produce 1 surfboard for every 15 boomerangs it produces
Which of the following is true about the comparative advantage between the two countries? A) Australia has the comparative advantage in producing surfboards. B) New Zealand has the comparative advantage in producing surfboards and boomerangs. C) Australia has the comparative advantage in producing boomerangs. D) New Zealand has the comparative advantage in producing boomerangs.
Monetarists have maintained the Classical tradition by emphasizing the
A) importance of government's fine-tuning policies. B) inflationary impact of government spending. C) instability of money demand. D) inherent stability of the economy.
If a single household received all income, the Gini coefficient would
a. have a value of zero. b. be identical to the Lorenz distribution. c. have a value of 1. d. have a value of infinity.
The current account shows international transactions in goods and services, the capital account shows international transactions involving the flow of financial assets, and the official reserve transactions account shows movement of international reserves
a. True b. False