A monopoly's marginal revenue is equal to the market price of its product
Indicate whether the statement is true or false
FALSE
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If Monica has a comparative advantage in baking and George has a comparative advantage in sewing, then
a. Monica must have an absolute advantage in baking b. Monica must have an absolute advantage in sewing c. George must have an absolute advantage in baking d. George must have an absolute advantage in sewing e. we can conclude nothing about absolute advantage
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, a rise in labor ________________________, and a rise in capital __________________
A) shifts the production function upward; also shifts the production function upward B) shifts the production function downward; shifts the production function upward C) moves us up along a given production function; shifts the production function upward D) shifts the production function upward; moves us up along a given production function
Which of the following was a main economic policy goal of the Soviet Union?
A. Deindustrialization B. National self-sufficiency C. Export promotion D. Privatization
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one disadvantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would be taxed twice. B) As a sole proprietor, Jeremy would not have control of the business. C) As a sole proprietor, Jeremy would face unlimited liability. D) As a sole proprietor, Jeremy would be subject to significant rules and regulations.