Which of the following formulas represents the marginal rate of technical substitution of labor for capital?

If the world price of steel is greater than the U.S. "no-trade" domestic equilibrium price of steel, the United States:

a. will not produce steel. b. will demand steel from the rest of the world. c. will supply steel to the rest of the world. d. will not trade steel. e. will have a shortage of steel in the domestic market.

If the money supply equals 1,000, velocity equals 5, and real GDP equals 2,500, then the price level equals:

A. 5. B. 2. C. 5,000. D. 2.5.