The demand curve for labor is identical to the
a. total labor cost curve
b. marginal resource curve
c. total revenue curve
d. marginal revenue product curve
e. marginal revenue curve
D
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To achieve gains from trade, a country
A) needs to have an absolute advantage in the production of all goods. B) specializes in the producing a good in which it has a lower opportunity cost. C) must produce at a point beyond its PPF. D) needs to have an absolute advantage in the production of at least one good. E) should produce at the midpoint of its PPF.
If the price of a barrel of oil is $100 this year and the interest rate is 10 percent, then according to the Hotelling Principle the price next year is expected to be ________ per barrel
A) $90 B) $110 C) $100 D) None of the above is correct.
If capital deepening increases from $100 to $150 and this increase results in worker's productivity increasing from $60 to $70, and if there were 100 workers, then GDP would increase by
a. $10,500 b. $6,000 c. $1,500 d. $7,000 e. $1,000
External benefits cause the market to:
A. underallocate resources. B. be more efficient. C. set excessively high prices. D. have persistent shortages.