If you are running a winery and you need one bottle for every 750ml of wine, then your production function
A) is inefficient.
B) is considered "fixed-proportion."
C) will have a diminishing marginal rate of technical substitution.
D) has downward-sloping, straight line isoquants.
B
Economics
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The macroeconomic policy planner’s job is made difficult because of
A. inaccurate multiplier estimates. B. timing problems. C. disagreements over potential GDP. D. uncertain forecasts. E. All of the above are correct.
Economics
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy were operating under free trade and then imposed a tariff, the overall impact on surplus would be a net:
A. gain of IJKL. B. loss of IJKL. C. gain of FGHIJKL. D. loss of IL.
Economics