A firm uses labor and capital. To tell if the firm is technologically efficient, you
A) do not need to know the cost of labor or the cost of capital.
B) need to know the cost of capital but not the cost of labor.
C) need to know the cost of labor and the cost of capital.
D) need to know the cost of labor but not the cost of capital.
A
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If the demand for jelly increases, and the price of grapes (used to make jelly) rises
A) the equilibrium quantity of jelly falls and the equilibrium price of jelly might rise or fall. B) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. C) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. D) the equilibrium price of jelly falls and the equilibrium quantity of jelly rises.
The challenge for economists in the early postwar period was to develop a consumption hypothesis that could explain how
A) the saving ratio could remain fairly constant across income groups while the aggregate saving ratio increased over time as average real income grew. B) the saving ratio for high-income families could be lower than for low-income families while the aggregate saving ratio remained fairly constant over time as average real income grew. C) the saving ratio for high-income families could be higher than for low-income families while the aggregate saving ratio remained fairly constant over time as average real income grew.
About how many people out of 7 billion live on just $1.25 a day in the world?
A. 700 million B. 500 million C. 1.5 billion D. 2 billion
The Department of Justice could use the cross-price elasticity between products sold at Staples and Office Max to show that the firms are very similar.
Answer the following statement true (T) or false (F)