How might a nation expand its production possibilities?
A. By engaging in barter transactions to facilitate trade
B. By investing in new technology and business equipment
C. By engaging in direct production rather than roundabout production
D. By specializing in the production of a particular good
B. By investing in new technology and business equipment
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A firm's total fixed cost (TFC) is a cost
A) it is certain ("fixed") that the firm must pay. B) that does not change as output changes. C) that is dependent on marginal cost. D) that is paid in only the long run.
The growth path of the US economy is considered to be
A. Stumbles and setbacks. B. Old and steady. C. Smooth and predictable. D. Consistent and reliable.
We know that in antiquity, China exported silk because no one in any other country knew how to produce this product. From this information we know that
A) China had a comparative advantage in silk. B) China had an absolute advantage, but not a comparative advantage in silk. C) no comparative advantage could exist because the technology was not diffused. D) China exported silk for political reasons even though it had no comparative advantage. E) China was unable to profit by exporting silk because it was unknown in the rest of the world.
Under the U.S. patent system, a patent application must provide evidence that the invention works and that is based on another invention.
Answer the following statement true (T) or false (F)