You are currently using three printing presses and five employees to print 100 sales manuals per hour. If the MRTS at this point is 0
5 (capital is on the vertical axis of the isoquant map), then you would be willing to exchange ________ employees for one more printing press in order to maintain current output. A) zero
B) one
C) two
D) three
C
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Economic growth is defined as
A) an increase in the nation's population. B) a sustained expansion of production possibilities. C) an increase in the wage rate. D) a decrease in the rate of inflation. E) an increase in employment.
A perfectly competitive firm's marginal revenue exceeds its marginal cost at its current output. To increase its profit, the firm will
A) lower its price. B) raise its price. C) decrease its output. D) increase its output.
The Treasury finances government spending by
A) selling securities. B) collecting taxes. C) by collecting tariffs. D) all of these choices are possible.
What causes the aggregate supply curve to have an upward slope in the short run, but a vertical slope in the long run?