Technological progress means that we produce more output with the same amount of inputs
Indicate whether the statement is true or false
TRUE
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The expenditure approach values ________ and the income approach values ________
A) goods and services at market prices; goods and services at factor prices B) services only at factor prices; goods only at market prices C) only goods at market prices; only services at factor prices D) goods and services at market prices; services at factor prices E) goods and services at factor prices; goods and services at market prices
The firm's overriding objective is to
A) earn a normal profit. B) maximize normal profit. C) maximize economic profit. D) maximize total revenue. E) avoid an economic loss.
Mexico has lower wages than the United States. Does this necessarily mean that it will have a comparative advantage in the production of everything compared to the United States?
What will be an ideal response?
A firm will tend to follow competitors when they increase spending on R&D, but will not follow them when they decrease such spending
a. True b. False Indicate whether the statement is true or false