The main redistribution effect of a tariff is the transfer of income from
A) domestic producers to domestic buyers.
B) domestic buyers to domestic producers.
C) domestic producers to domestic government.
D) domestic government to domestic consumers.
E) foreign producers to domestic consumers.
B
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A reason a nation faces diminishing returns along a production function is because
A) unemployment always exists. B) potential GDP is fixed. C) the quantity of physical capital is fixed. D) full employment is not possible. E) the wage rate is fixed while moving along the production function.
Human resources that perform the functions of organizing, managing, and assembling the other resources are called
A) physical capital. B) venture capital. C) entrepreneurship. D) productive capital.
Marginal resource cost is the change in total cost resulting from the production of an additional unit of output, other things constant
Indicate whether the statement is true or false
When a firm does more of something, it gets better at it. This learning-by-doing is:
A. called the principle of natural progression. B. a source of diseconomies of scale. C. a source of economies of scale. D. called "spreading the overhead."