If a country produces only two goods, it is possible to have a comparative advantage in the production of both those goods
Indicate whether the statement is true or false
FALSE
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Sharecropping:
a. allowed tenant farmers and land owners to share the risks and benefits of farming. b. gave freed slaves more control over their workday. c. relied on contracts that were usually renegotiated annually. d. created little incentive for long-term investments in improvement of farm land. e. All of the above.
People accused of a crime frequently claim their innocence. Even if guilty they will sometimes agree to take a lie detector test to see if they can be exonerated. While they may know that these tests do not carry much weight in court there is another reason why they are willing to take the test. Give another valid reason from this chapter explaining why a guilty person would agree to the test.
What will be an ideal response?
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.
A firm faces the following relationship between the real wage it pays and the effort exerted by its workers.
The marginal product of labor for this firm is given by MPN = E (50 - N)/3. How many workers will the firm employ?
A. 48 B. 40 C. 46 D. 44