Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the most labor intensive?
A. A
B. B
C. C
D. D
Answer: D
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When an economy begins to move from a recession to an expansion, the output gap typically
A) remains positive. B) remains negative. C) switches from negative to positive. D) switches from positive to negative.
The number of firms in a perfectly competitive market:
A. is fixed in the short run. B. is fixed in the long run. C. varies in the short run. D. is the same at all possible long-run equilibria.
In a monopolistically competitive industry, firms set price
a. equal to marginal cost since each firm is a price taker. b. below marginal cost since each firm is a price taker. c. above marginal cost since each firm is a price setter. d. always a fraction of marginal cost since each firm is a price setter.
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $40 each and from Canada at $45 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. For the United States, are there trade diversion losses, trade creation gains, or both as a result of the formation of NAFTA?
a. There are only trade diversions losses b. There are only trade creation gains. c. There are neither trade creation gains nor trade diversion losses. d. There are both trade creation gains and trade diversion losses.