When voluntary exchange takes place, neither party usually gains from the exchange
Indicate whether the statement is true or false
FALSE
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Which of the following is a major category for the Consumer Price Index?
A. capital goods B. recreation C. intermediate goods D. money
A normal rate of return on investment is equal to
A) accounting profit minus economic profit. B) the opportunity cost of capital plus any other implicit costs. C) accounting profit plus economic profit. D) total revenue plus total accounting profit
The additional output produced by adding one more unit of an input is the:
A. marginal product. B. average product. C. total production. D. slope of the marginal product curve.
Which of the following profit functions exhibits a Leontief production function?
A. ? = P × (3K + 4L) ? 20L ? 35K B. ? = P × (3K0.5 + 4L0.5)1/0.2 ? 20L ? 35K C. ? = P × min(2L, 5K) ? 20L ? 35K D. ? = P × K0.75L0.50 ? 20L ? 35K