At each point of tangency for isoquants and isocost lines, the slope of the isoquant must be ________ the slope of the isocost line.
A. the reciprocal of
B. greater than
C. less than
D. equal to
Answer: D
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If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate, what would be the value of real GDP per person 100 years later?
A. $2,210 B. $4,000 C. $20,000 D. $5,410
In the short run, a perfectly competitive firm's economic profits
A) must equal zero, that is, the firm earns a normal profit. B) must be positive. C) might be positive, negative (an economic loss), or zero (a normal profit). D) must be negative, that is the firm must incur an economic loss.
The natural rate of unemployment is also called:
A) non-accelerating inflation rate of unemployment. B) accelerating inflation rate of unemployment. C) accelerating deflation rate of unemployment. D) none of the above.
What is one reason the eBay seller reputation system is important?
A) eBay transactions tend to be isolated, one-off transactions. B) eBay transactions tend to be repeat sales between the same seller and buyers. C) eBay transactions often involve stolen products. D) eBay transactions require a larger percentage than, say, Amazon transactions.