What term do we use to refer to the understanding of the best ways to produce goods and services?
The term is technological knowledge.
Economics
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A member of the Board of Governors of the Federal Reserve is appointed by
a. Congress for 12 years. b. the President, with the advice and consent of the Senate, for a 14-year term. c. the President, for life. d. members of the House of Representatives for a 10-year term.
Economics
Refer to Figure 7.3. Suppose a firm moves along the isoquant from point a to point b. The rate of substitution for labor with capital is:
A. 2.
B. -2.
C. ½.
D. -½.
Economics