Which of the following is NOT a true statement?
A) India can easily relocate workers from the country to the city.
B) India would raise income faster if it moved workers from agriculture to manufacturing.
C) High agricultural tariffs in India protect rural workers.
D) India has low tariffs in manufacturing.
A
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The fixed-cost fallacy occurs when
a. A firm considers irrelevant costs b. A firm ignores relevant costs c. A firm considers overhead or depreciation costs to make short-run decisions d. Both a and c
If Egypt has a chronic unfavorable balance of trade, it will eventually lead to
a. the Egyptian government's decision to appreciate its currency (the pound) b. the Egyptian government's decision to devalue its currency (the pound) c. the Egyptian government's policy to create a favorable balance of payments d. the Egyptian government's policy to create a favorable balance on current account e. a negative balance of payments
Suppose that A Cleaner World invents a new type of laundry detergent that has an ingredient that stops stains from setting into clothes. If the laundry detergent market is monopolistically competitive, explain what will happen to the price of its product in the short run. What will happen in the long run?
What will be an ideal response?
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.