An increase in the price of a resource will cause a rightward shift of its supply curve
a. True
b. False
B
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"Brain-drain" refers to the:
A. Relatively low levels of human capital in low-income countries B. Impact of migration on human capital levels in high-income countries C. Emigration of highly educated workers to higher income countries D. Inability of workers in low-income countries to achieve the levels of human capital possessed by workers in high-income countries.
A country like the U.S., which is operating at the technological frontier, can improve its technology only by:
a. repurposing b. redeveloping c. innovating d. purchasing
When price was 6, quantity demanded was 10. When price decreased to 5, quantity demanded increased to 13. Therefore, when price decreased, total revenue
A. decreased from 65 to 60, indicating that demand is inelastic. B. increased from 60 to 65, indicating that demand is inelastic. C. decreased from 65 to 60, indicating that demand is elastic. D. increased from 60 to 65, indicating that demand is elastic.
Assuming a firm is selling its output in a purely competitive market, its resource demand curve can be determined by:
A. multiplying total product by product price. B. multiplying marginal product by product price. C. dividing total revenue by marginal product. D. comparing marginal product with various possible input prices.