During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this, we know definitively that
A) Africa, Asia, and Latin America have comparative advantage in coffee production.
B) the United States has absolute advantage in coffee production.
C) Africa, Asia, and Latin America have absolute advantage in coffee production.
D) the United States has comparative advantage in coffee production.
A
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Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 210 computers are produced per week
Given this information and the fact that the firm receives $200 per computer, the marginal revenue product of the third worker is A) $4,200. B) $12,000. C) $10,000. D) $14,000.
Net social benefits are maximized when:
A) marginal benefits equal marginal costs. B) marginal benefits are greater than marginal costs. C) marginal benefits are less than marginal costs. D) total benefits are equal to total costs. E) average benefits are marginal benefits are equal.
What is full employment? What are the different kinds of unemployment? What constitutes the natural (normal) rate of unemployment?
What will be an ideal response?
Which of the following is a TRUE statement about a monopoly?
A) A monopoly does not necessarily earn positive economic profits. B) A monopoly must earn an above-normal profit to stay in business. C) As long as there are barriers to entry, a monopoly can always find some price-output combination that generates positive economic profits. D) As long as the demand curve slopes down, a monopoly can always find some price-output combination that generates positive economic profits.