Research and development include all of the following except for
A. Scientific research.
B. Development of management improvements.
C. New production techniques.
D. Foreign investment in current machinery.
Answer: D
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Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C depending on how contractors react to the higher price of bricks.
List three reasons why a firm might experience economies of scale
What will be an ideal response?
According to the? input-substitution effect, an increase in the wage ? increases decreases the quantity of labor per unit of ? output input ?, so the quantity of labor demanded ? decreases increases .
According to the? input-substitution effect,
an increasean increase
in the wage
?
increases
decreases
the quantity of labor per unit of
?
output
input
, so the quantity of labor demanded
?
decreases
increases
.
Absolute advantage is
A) producing at a lower opportunity cost. B) producing a good using the fewest inputs. C) producing a good only when demand is high. D) producing a good that requires imported components.