If you want to earn a high income you should figure out what others value because
A) you will then be able to charge higher prices than alternative suppliers.
B) you will be able to gain at the expense of others.
C) you will not have to compete in the job market.
D) others will be willing to pay attractive prices for things they value.
D) others will be willing to pay attractive prices for things they value.
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Scarcity:
a. allows businesses to take advantage of economies of scale. b. means that human wants for goods, services and resources exceed what is available. c. means that as the level of production increases, the average cost of producing each individual unit declines. d. only refers to resources, such as labor, tools, land, and raw materials.
In the town of Gotham the adult population is 560 thousand, the number unemployed is 25 thousand, and 185 thousand are not in the labor force. Calculate the unemployment rate
The open access equilibrium is usually
a. Economically efficient but ecologically unsustainable Incorrect b. Economically efficient and ecologically sustainable c. Economically inefficient but ecologically sustainable d. Neither economically efficient nor ecologically sustainable e. Highly profitable for resource users
If country A is well-endowed with natural resources but a small population while B is endowed with much labor but little land and few natural resources, then trade theory predicts that
a) A and B will not trade with each other, as neither can produce enough goods to export b) A will gain more from trade than B c) The price of labor-intensive goods will fall in country B after trade d) Trade will occur, but wages will fall in country A e) Wages and land values will rise in both countries if they trade