Which of the following is most likely to be a fixed cost for a business?
a. payment for raw materials used in manufacturing goods
b. interest payments on a loan used to finance the construction of a building
c. shipping charges for the delivery of products
d. wages paid to temporary workers
b
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Comparative advantage indicates that:
a. specialization and exchange will permit trading partners to maximize their joint consumption. b. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods. c. a nation can gain from trade only when its trading partners are not low-wage countries. d. countries should export products for which they are high-opportunity cost producers.
Which of the following is a difference between real GDP per capita and real GDP per worker hour?
a. Real GDP per capita is the dollar value of output produced by an average worker in one hour, while real GDP per worker hour is the number of available goods and services per person. b. Real GDP per capita is the ratio of real GDP to population, while real GDP per worker hour is the ratio of GDP to the number of hours worked. c. Real GDP per capita is the difference between real GDP and population, while real GDP per worker hour is the difference between real GDP and the number of hours worked. d. Real GDP per capita increases with an increase in population, while real GDP per worker hour decreases with an increase in population.
China's one child policy
a. Caused the share of young people to rise b. Prematurely aged the Chinese labor force c. Lowered the saving rate d. all of the above e. none of the above
Considering that there are over a half million doctors in the United States, it is still possible for a doctor to have a __________ monopoly in her or his neighborhood.
Fill in the blank(s) with the appropriate word(s).