Economies of scale and specialization are characteristics of
A. comparative and absolute advantage
B. factors of production
C. economics of scale
D. call centers in India
Ans: A. comparative and absolute advantage
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Figure 10-7
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Figure 10-8 displays the cost curves of a perfectly competitive firm. Profits at a price of $10 would be approximately
A. $1 per unit. B. $3 per unit. C. $5 per unit. D. $10 per unit.
It is a common mistake to confuse the slope of the supply curve with its elasticity.
Select whether the statement is true or false. A. True B. False
Cheese Bread England 40 20 Spain 20 5 The table above shows how much each of two countries can produce in 40 hours. (For example, England can produce 40 units of cheese in 40 hours.) For Spain, what is the opportunity cost of producing 1 unit of bread?
a. 4 cheese b. 2 cheese c. 1/2 cheese d. 1 cheese e. 1/4 cheese
A tariff is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.