Any event that increases the value of the marginal product of labor will:
A. increase labor demand.
B. decrease labor supply.
C. increase labor supply.
D. decrease labor demand.
Answer: A
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When a firm is experiencing diseconomies of scale, it should
A. expect its average total cost to increase if it reduces the scale of its operations. B. expect its average total cost to decrease if it reduces the scale of its operations. C. lower its price to attract new consumers. D. expect its average total cost to remain unchanged if it changes the scale of its operations.
Which component of federal spending is included in GDP?
A) transfer payments B) government purchases C) net exports D) capital supply
The citizens of a country often refuse to pay voluntarily for defense spending because ________
A) national defense is a common pool resource B) nobody can be excluded from being defended by the state C) all citizens do not derive equal satisfaction from national defense D) national defense is rival in consumption
When compared with China, the growth of clothing exports originating in Bangladesh is the result of
A) the comparative advantage that Bangladesh has in the production of clothing for export. B) the absolute advantage that China has in the production of clothing for export. C) the absolute advantage that Bangladesh has in the production of clothing for export. D) the comparative and absolute advantage that China has in the production of clothing for export. E) the comparative and absolute advantage that Bangladesh has in the production of clothing for export.