According to 2010 surveys, the most frequently traded currency pair is the U.S. dollar and Japanese yen.
a. true
b. false
b. false
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Which of the following contribute to high levels of U.S. production?
a. Immigration restrictions. b. Barriers to trade. c. Labor-intensive production. d. Abundant factors of production.
Economists estimate that decreasing barriers to migration by just 5 percent will:
A. decrease economic welfare of receiving countries by more than 5 percent. B. increase economic welfare by more than lifting restrictions on capital mobility in their entirety. C. decrease economic welfare of the countries that would lose their citizens to richer countries by trillions of dollars. D. increase economic welfare of sending countries by trillions of dollars.
In using a tanks and trucks production possibilities curve with increasing opportunity cost, producing more and more tanks
A. Is not possible due to scarcity. B. Lowers the cost of each individual tank. C. Requires us to give up larger and larger amounts of trucks per tank produced. D. Can be done at a constant opportunity cost.
The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the marginal product of labor. B) the division of labor. C) the average product of labor. D) the average cost of production.