Adam Smith's theory of absolute advantage is based on the labor theory of value.
Answer the following statement true (T) or false (F)
True
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The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the division of labor. B) the average cost of production. C) the average product of labor. D) the marginal product of labor.
An unexpected fall in Housing Starts should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
Which of the following is a correct listing of industry models ordered from most competitive to least competitive?
a. perfect competition - monopolistic competition - monopoly b. perfect competition - monopoly - monopolistic competition c. monopolistic competition - perfect competition - monopoly d. monopolistic competition - monopoly - perfect competition
Measures of well-being include: a. pollution levels
b. infant mortality rates. c. literacy rates. d. all of the above.