In 2011, state and local government education spending was more than five times highway spending
a. True
b. False
Indicate whether the statement is true or false
True
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If, at a firm's projected sales level, the marginal cost is $125, the average cost is $150 and the markup is 20 percent, then its selling price is
A) $125. B) $150. C) $165. D) $180.
Refer to the figure below. At the market equilibrium quantity, the social marginal cost of the last ton of paper produced is ________ the marginal benefit of the last ton of paper produced.
A. equal to B. less than C. greater than D. less than or equal to
The vertical long-run aggregate supply curve implies that shifts in aggregate demand will, in the long-run,
A. change output and prices B. change interest rates C. change prices only D. change nothing
Using relevant diagrams, illustrate a two-country, two-commodity model in which one country has an absolute advantage in the production of both goods, but each has a comparative advantage in the production of only one good. Assume both countries have the same total amount of national labor to use in production in the country, and labor is the only factor of production.
What will be an ideal response?