The rate at which one input can be reduced per additional unit of the other input, while holding output constant, is measured by the
A) marginal rate of substitution.
B) marginal rate of technical substitution.
C) slope of the isocost curve.
D) average product of the input.
B
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The optimum tariff is
A) the best tariff a country can obtain via a WTO negotiated round of compromises. B) the tariff, which maximizes the terms of trade gains. C) the tariff, which maximizes the difference between terms of trade gains and terms of trade loses. D) not practical for a small country due to the likelihood of retaliation. E) not practical for a large country due to the likelihood of retaliation.
If you are out of work and are not looking for a job, then:
a. you are classified as "unemployed." b. You are part of the unemployment rate, but you are not part of the workforce. c. You are part of the unemployment rate, because you are part of the workforce. d. You are not classified as "unemployed," because you are no longer a part of the workforce. e. None of the above.