Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly price of capital is $10 and the hourly price of labor is $20, which production technology should be selected?
A. A
B. B
C. C
D. D
Answer: A
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Indicate whether the statement is true or false
If a country has a comparative advantage in wine moved from autarky to free trade, this would cause what reaction in the world market?
A. Foreign wine producers would be opposed. B. Domestic wine consumers would be opposed. C. Domestic wine producers would be opposed. D. Domestic wine consumers would not be influenced.
The increase in demand for iPad tablet computers can be explained by:
A. An increase in the technology used to produce iPads, making the supply of iPads increase B. An increase in the price of laptop computers, making their MU/P decrease C. The enhanced versatility and storage capacity of iPads, making their MU/P increase D. An increase in the income of buyers, making the demand for iPads increase
Poor people who participate in job training programs are more successful in leaving poverty.
A. True B. False C. Uncertain