The number of tomato producers is of no consequence to people who enjoy eating tomatoes
Indicate whether the statement is true or false
T
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The quantity of labor supplied increases as the real wage rises because
A) higher real wages mean that nominal wages have increased. B) the opportunity cost of working increases. C) the quantity of labor demanded increases. D) labor force participation decreases so that only serious workers are left in the labor force. E) the opportunity cost of leisure rises.
In the economy of Talikastan in 2015, consumption was $5300, GDP was $8800, government purchases were $1800, imports were $600, and investment was $2000 . What were Talikastan's exports in 2015?
a. -$900 b. -$600 c. $200 d. $300
What are constant returns to scale?
a. cost disadvantages in an output range where LRATC rises as output expands b. per-unit cost reductions in an output range where LRATC falls as output increases c. returns in an output range where LRATC does not change as output varies d. cost savings that occur in an output range where LRATC falls due to low output
If the United States is operating at full production, not only are we using our most ________ technology, but we are utilizing our land, labor, capital and entrepreneurial ability at their most ________________.
Fill in the blank(s) with the appropriate word(s).