Given the production function q = 1.37LK, what is the marginal product of labor?
A) 1.37
B) 0
C) 1.37K
D) Cannot be determined with the information given.
C
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The increase in food prices around the world at the end of the 2000s decade led several developing countries to impose export tariffs on which of the following exports?
A) Rice. B) Tomatoes. C) Oil. D) Bananas.
Positive statements can be checked, evaluated, or edited based on:
a. available evidence. b. personal choice. c. budget constraints. d. opportunity costs.
A point outside a production possibilities curve reflects
a. efficiency b. specialization c. inefficiency d. unemployment e. an unattainable choice
A market situation where a small number of sellers dominate the entire industry is called:
A. monopolistic competition. B. monopsony. C. monopoly. D. oligopoly.