One of the key economic questions is "who consumes the products?"
Indicate whether the statement is true or false
TRUE
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The price of cotton clothing falls. As a result,
A) the quantity demanded of cotton clothing increases. B) the demand for cotton clothing increases. C) the quantity demanded of cotton clothing decreases. D) the demand for cotton clothing decreases. E) both the demand for cotton clothing increases and the quantity demanded of cotton clothing increases.
If a firm with two large plants installs a large, custom built assembly line in each of its plants, the custom assembly line is an example of ________.
A) specialized capital B) managerial diseconomies C) a compensating wage differential D) geographic variation
If you have a comparative advantage in producing a good, it implies:
a. you have a lower marginal cost of producing that good. b. you have a higher marginal cost of producing that good. c. you have a lower total cost of producing that good. d. you have a higher total cost of producing that good.
Claire is on her way to her job at a call center where she was planning on spending three hours. She can drop in and work any hour she wants to and earn $12 per hour. Her friend calls and invites her to spend the next three hours bungee jumping. Claire decides to go with her friend, which tells us Claire's opportunity cost of working for three hours is:
A. less than $36. B. greater than $36. C. greater than $12. D. less than $12.