One reason the supply of carpenters is greater than the supply of physicians is because:
A. carpenters demand less income.
B. physicians do not belong to a union.
C. of differences in human capital.
D. carpenters belong to unions.
Answer: C
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If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras.
Answer the following statement true (T) or false (F)
Which statement is true?
A. Productive efficiency has never been achieved. B. The U.S. economy achieved productive efficiency from mid-1997 through mid-2001. C. The U.S. economy achieved productive efficiency from 1980 to 1997. D. The U.S. economy generally attains productive efficiency.
Refer to Figure 4-8. What is the value of producer surplus after the imposition of the ceiling?
A) $40,000 B) $100,000 C) $300,000 D) $430,000
In the short run, fixed costs for a profitable firm are:
A. Zero B. Negative C. Important determinants of the output level D. Irrelevant in determining the optimal level of output