If Canada has a comparative advantage over Mexico in the production of shoes, it must also have an absolute advantage over Mexico in the production of shoes
Indicate whether the statement is true or false
F
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The accountant for Muzhi's Sushi claims that Muzhi has accomplished "technological efficiency." This means that Muzhi's Sushi
A) produces a given output using the least inputs. B) produces a given output at the lowest cost. C) has an economic profit greater than a normal profit. D) has a normal profit greater than an economic profit.
Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance.
What will be an ideal response?
Over the last three decades the "college premium" has ________ because of ________.
A. increased; technological advances B. decreased; technological advances C. increased; racial and gender discrimination D. decreased; laws that prohibit discrimination
In the short run, a competitive firm has a marginal product of labor, MPL = 2L-0.25. The output price is $4 per unit and the wage is $5 per hour. The short-run labor demand curve for the firm is
A) 10L-0.25. B) 8L-0.5. C) 4L0.25. D) 8L-0.25.