The world's total output will be greater the more self-sufficient each of the world's economies becomes
a. True
b. False
B
You might also like to view...
If a CEO can type faster than her secretary, then
A) the CEO has a comparative advantage in typing. B) the CEO has neither a comparative advantage in typing, nor in management. C) the CEO should still continue performing CEO duties since the CEO has a comparative advantage in management, and the secretary should continue typing. D) the CEO should still continue performing CEO duties as well as typing since he has a comparative advantage in both management, and typing.
The marginal productivity theory of distribution has been criticized because
a. it assumes that the existing distribution of ownership factors is fair and just when it may not be. b. it does not tell us much about real policy matters. c. a factor's MRP does not in any way correspond to productive effort. d. All of the above are correct.
The___________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.
a. law of supply b. law of demand c. law of inputs d. law of price
Explain the difference between a "change in quantity supplied" and a "change in supply."
What will be an ideal response?