A successful market economy requires
A) an equitable distribution of income and limits on immigration.
B) generous unemployment benefits and paid medical leave for everyone in the labor force.
C) a government-controlled banking system and government price controls.
D) well-defined property rights and an independent court system to adjudicate disputes based on the law.
D
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the sixth unit of the resource is
A. $30. B. $10. C. $60. D. $20.
The Law of Diminishing Marginal Benefit states that:
A) the demand for a commodity declines as its price increases. B) the demand for a commodity is more dependent on income than on price. C) the willingness to pay for an additional unit declines as more of a good is consumed. D) lower levels of consumption give lower level of utility.
As long as TVC < TR, a firm will have a positive level of output in the short run.
Answer the following statement true (T) or false (F)
In the short run (specificfactors) model, an FDI inflow into a country's manufacturing sector will cause:
a. an increase in the output of the agricultural sector. b. an increase in the employment in the agricultural sector . c. a decrease in the employment in the manufacturing sector . d. an increase in the output and employment in the manufacturing sector.