The change in saving divided by the change in income is the:
a. propensity to save.
b. saving function.
c. average propensity to save.
d. extra propensity to save.
e. marginal propensity to save.
e
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At Albert's Pretzel Company, MPL = 1/L, and MPK = 1/K. The isoquant for 100 pounds of pretzels daily is shown in the above figure
Albert minimizes the cost of producing 100 pounds of pretzels daily by hiring 5 units of labor and 10 units of capital when w = 50 and r = 25. When r rises to 100, what is the minimum cost of producing 100 pounds of pretzels daily in the short run? in the long run?
If a country faces action under Section 301 of the U.S. Trade Act of 1974, it means that the country has
A) exceeded average export growth by more than 50 percent. B) tariffs that are above the legal limit. C) been charged by the United States with systematically engaging in unfair trade practices. D) been charged by the WTO with violating its trade obligations.