Marginal revenue product is the additional revenue for the firm when it hires one additional unit of labor.
Answer the following statement true (T) or false (F)
True
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Comparative advantage is
a. the ability of an individual to specialize and produce a greater amount of some good than can another individual b. the number of units of one good given up in order to acquire something c. the ability of an individual to produce a good at a lower opportunity cost than some other individual can d. an expression for the amount of labor a particular individual needs to produce a fixed amount of capital goods e. a reference to an individual having the greatest opportunity cost of producing the good and produces it with the fewest resources
If the U.S. government were to note that because drug companies can sell their drugs in Canada and make a profit at those regulated prices and impose a similar set of regulations in the U.S., this would have the effect of
A. lowering the price of drugs in the U.S. B. increasing the motivation for U.S. drug companies to innovate in the future. C. eliminating all profit for drug companies. D. increasing the motivation for Canadian drug companies to innovate in the future.
Government efforts to use taxes and government spending to help stabilize the economy are called ______.
a. regulatory laws b. exchange rates c. fiscal policies d. income guidelines
If consumers are willing to pay a higher price than previously for each level of output, we can say that the following has occurred:
A. an increase in supply. B. a decrease in supply. C. a decrease in demand. D. an increase in demand.