As workforces become more educated in countries with comparative advantage in labor-intensive products, the comparative advantage for the production of those labor-intensive goods shifts:
A. toward other countries with less cheap labor relative to the other factors of production.
B. away from countries with more cheap labor relative to other factors of production.
C. toward other countries with more cheap labor relative to the other factors of production.
D. toward countries with more capital for production.
C. toward other countries with more cheap labor relative to the other factors of production.
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The Occupy Wall Street movement advocates
A) a shift away from market capitalism. B) a shift towards more market capitalism. C) centrally planned socialism. D) following the teachings of Adam Smith.
Costs due to an increase in activity is called
a. the total cost. b. a negative marginal benefit. c. a marginal cost. d. an incentive loss.
Recall the Application about the external cost of young drivers to answer the following question(s).Recall the Application. In order to fully internalize the external costs of collisions:
A. drivers with different collision rates would pay different taxes. B. all drivers would pay a tax equal to the average cost of collisions. C. taxes paid would be determined by number of miles driven. D. taxes paid would decrease with the age of the driver, so that the oldest drivers paid the lowest taxes.
Which of the following is not a durable good?
A) furniture B) automobile C) clothing D) refrigerator