If a CEO can type faster than her secretary, then
A. the CEO should still continue performing CEO duties as well as typing since he has a comparative advantage in both management, and typing.
B. the CEO has neither a comparative advantage in typing, nor in management.
C. the CEO has a comparative advantage in typing.
D. the CEO should still continue performing CEO duties since the CEO has a comparative advantage in management, and the secretary should continue typing.
Answer: D
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If, for an imaginary closed economy, investment amounts to $12,000 and the government is running a $2,000 deficit, then private saving must amount to $10,000
a. True b. False Indicate whether the statement is true or false
Human capital is
a. a stock of equipment and structures. b. the result of investments workers make in themselves such as on-the-job training. c. a difference in wages that arises to offset the nonmonetary characteristics of different jobs. d. inversely related to the supply of workers.
A change in demand is said to take place when there is a
A) shift of the demand curve. B) shift of the supply curve. C) price change. D) movement along the demand curve. E) quantity change.
Assume the total product of three workers is 120 and the total product of four workers is 160. The average product of four workers is ________, and the marginal product of the fourth worker is ________.
A. 10; 40 B. 30; 10 C. 160; 40 D. 40; 40