The rate at which one good can be converted technologically into another is called
A) the marginal rate of transformation.
B) the marginal rate of substitution.
C) the marginal product of labour.
D) rate of conversion.
E) the marginal product of capital.
Correct Answer:
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Q8: In a one-period model,government is likely to
Q9: An economy that has no interaction with
Q10: In an economic model,an exogenous variable is
A)
Q11: A relationship that shows the technological possibilities
Q12: Making use of an economic model is
Q14: In an economic model,
A) endogenous variables determine
Q15: Goods and services provided by the government
Q16: Examples of exogenous variables include
A) real wages,
Q17: Fiscal policy refers to a government's choices
Q18: In a one-period economic model,the government budget
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