Which of the following has been an effect of globalization and a large trade deficit?
a. Increased wages in the tradable sector.
b. Increased employment in the tradable sector.
c. Decreased employment in the tradable sector.
d. Increased wages in the immigrant sector.
Answer: c. Decreased employment in the tradable sector
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At the profit-maximizing level of output for a pure monopoly ________.
A. price is less than marginal cost B. total revenue is greater than total cost C. price is equal to marginal cost D. price is greater than marginal cost
When we choose a particular option, we must give up alternative options. The highest-valued alternative forgone is the ________ of the option chosen
A) opportunity cost B) comparative advantage C) nonmonetary cost D) absolute advantage
A technology may be considered inappropriate if it
a. uses a lot of capital b. produces a product that few people want c. has a capital-labor ratio that exceeds the rental-wage ratio d. has a capital-labor ratio less than the rental-wage ratio e. none of the above
If the demand for a good is elastic, then total revenue
a. increases as price increases b. remains constant as quantity demanded increases c. increases as price decreases d. decreases as quantity demanded increases e. decreases as price decreases