Which of the following is consumed jointly?
A. A seat on an airplane.
B. A can of Coke.
C. A missile shield.
D. A doughnut.
Answer: C
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Diminishing marginal returns to labor imply that
a. fixed costs will remain constant as the firm's output increases. b. the firm's short-run marginal cost curve will be upward sloping. c. the firm enjoys increasing returns to scale in the long run. d. the firm will be unable to earn short-run economic profit.
International reserves are:
A. foreign currency deposits held by banks to provide international liquidity for domestic customers. B. foreign currency assets held by a government for the purpose of purchasing domestic currency in the foreign exchange market. C. reserves held by banks to back international deposits. D. dollars held by the Federal Reserve to support the value of the dollar.
A good is said to have an elastic supply if its price elasticity of supply is:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
A nation that lacks sufficient capital given its size even though it has ample natural resources is
a. the United States. b. Japan. c. Canada. d. China.