Answer the next question based on the information given in the following table.EmploymentTotal ProductProduct Price00$3112322233303436354036423If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ
A. 1 worker.
B. 2 workers.
C. 3 workers.
D. 4 workers.
Answer: C
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The principle of comparative advantage states that a country should specialize in the production of those goods that have the highest opportunity costs
a. True b. False Indicate whether the statement is true or false
Which of the following statements explains the vicious circle of poverty?
A. By investing in education and infrastructure at the same time, the country can overcome the problems of poverty. B. Poverty arises out of the lack of investment, but countries cannot invest because they are poor. C. A nation can shift its production possibilities curve inward by shifting more resources into the production of capital goods. D. A nation can shift its production possibilities curve outward by shifting more resources into the production of consumer goods.
Refer to the graph shown. An effective price ceiling at Pc causes producer surplus to:
A. fall from areas A + B + E to area A. B. fall from areas C + D + F to area D. C. change from areas C + D + F to areas B + C + D. D. change from areas A + B + E to areas A + B + C.
Externalities that occur in market transactions and affect parties beyond those involved in such transactions are known as _____
a. spillovers b. negative externalities c. deadweight losses d. shortages