If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect
a. a lower rate of return on their human capital investment.
b. an increase in their employment prospects.
c. a higher wage rate than they were expecting when they selected their major.
d. an increase in the demand for accountants.
A
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Refer to Figure 2-11. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of cotton?
A) They have the same advantage. B) Pakistan C) Indonesia D) cannot be determined
Empirical evidence from electric-power-producing firms suggests that
A) all electric-power-producing firms are natural monopolies. B) no electric-power-producing firms are natural monopolies. C) the largest electric-power-producing firms are natural monopolies. D) the smallest electric-power-producing firms are natural monopolies.
When advertising is used to relay information about price, each firm is able to enhance market power
a. True b. False Indicate whether the statement is true or false
A firm could be guilty of antitrust violations using the judgment by structure criteria despite:
A. controlling only 10 percent of the market. B. restraining trade through cartels. C. pricing goods above the competitive price. D. producing the best product it could at the lowest possible cost.