If more and better technology is used by U.S. farm workers than by Egyptian farm workers, then the
a. MRP of the U.S. farm workers will be higher than the MRP of the Egyptian farm workers
b. MRP of the U.S. farm workers will be lower than the MRP of the Egyptian farm workers
c. demand for the U.S. farm workers will be lower than the demand for the Egyptian farm workers
d. price of farm goods will be higher in the U.S. than in Egypt
e. the wage rate of the U.S. farm workers will be lower than the wage rate of the Egyptian farm workers
A
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Answer the following statement(s) true (T) or false (F)
1. Cost-effectiveness requires that resources are allocated such that the additional benefits to society are equal to the additional costs. 2. Assume that the marginal revenue associated with the 12th unit of output is $25 and the marginal cost is $14. As a result, the firm should produce more, because the marginal profit at that output level is greater than zero. 3. When a profit-maximizing firm increases output to Q = 50, its MR= $100 and MC = $124, meaning that total profitfalls by $24, so the firm should contract production. 4. In perfect competition, the firm faces a perfectly inelastic demand. 5. The demand faced by the perfectly competitive firm is perfectly elastic, meaning that price and marginal revenue are equal.
Subsidiarity requires nations to give up some of their national sovereignty
Indicate whether the statement is true or false
When the price of a good is low, selling the good is profitable, and so the quantity supplied is large
a. True b. False Indicate whether the statement is true or false
A constant contributor to labor productivity growth during the entire 1948–2000 period was
A. capital formation. B. technological change. C. labor force growth. D. government spending.