Most economists agree that ________ are the single most important source of productivity improvements.
A. increases in physical capital
B. increases in human capital
C. technological advances
D. discoveries of natural resources
Answer: C
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A firm's production function is the relationship between:
A) the inputs employed by the firm and the resulting costs of production. B) the factors of production and the resulting outputs of the production process. C) the demand for a firm's output and the quantity it is able to produce with available resources. D) the firm's production costs and the amount of revenue it receives from the sale of its output.
In perfect competition as well as in monopolistic competition,
a. marginal revenue is equal to price for each firm. b. profit is positive in a long-run equilibrium for each firm. c. entry and exit by firms are restricted. d. there are many firms in a single market.
The ________ curve is vertical
A) short-run aggregate supply B) short-run aggregate demand C) long-run aggregate supply D) long-run aggregate demand
If the opportunity cost of corn to wheat is 3:1 in the United States and 5:1 in France, only France would benefit from trade if the actual terms of trade between corn and wheat were 7:1.
Answer the following statement true (T) or false (F)