We might predict that Japan has a comparative advantage compared to Russia in the production of hi-tech electronics because Japan has:
A. more land available to build manufacturing plants on.
B. more unskilled labor available for production.
C. a climate is more suitable for electronics.
D. more advanced electronics technology.
Answer: D
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Answer the following statement(s) true (T) or false (F)
1.Whether or not people have identical tastes, the marginal entrant is indifferent about using a common property. 2. Whether or not people have identical tastes, a commonly owned property creates no social value. 3. Whether or not people have identical tastes, free entry to a common property leads to a suboptimal outcome. 4. The problem with splitting checks is that no one orders as much as they truly want to eat in order to keep the total bill low. 5. A market failure occurs when the government steps in and failingly attempts to alleviate the tragedy of the commons.
When individuals make decisions about how much schooling to obtain, they
A) do not take account of the personal benefits that it creates. B) do not take account of the external benefits that it creates. C) overvalue the personal benefits that it creates. D) overvalue the external benefits that it creates.
The larger the U.S. imposed per unit import tariff on a good imported and produced in the United States,
A) the smaller the U..S consumer surplus. B) the larger the U.S. producer surplus. C) the larger the government revenue. D) All of the above.
A minimum wage law is a:
A. price ceiling. B. price floor. C. customary norm without legal structure or protection. D. quantity restriction.