A new technology that increases labor productivity will shift the
a. demand curve for labor to the left
b. MLC curve to the left
c. MPP curve upward
d. MLC curve to the right
e. demand for the good to the right
C
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The difference between a firms' profit-maximizing quantity and the quantity that minimizes average cost is called excess capacity
Indicate whether the statement is true or false
The current account balance is equal to
A. Total payments made by residents of the United States to foreigners plus total payments made by foreigners to residents of the United States. B. Trade balance + services balance + capital account balance. C. Trade balance + services balance - capital account balance. D. Trade balance + unilateral transfers + net investment income.
An export subsidy imposed in a large exporting country will cause the country's international terms of trade to improve.
Answer the following statement true (T) or false (F)
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.This Application addresses the economic concept of:
A. the marginal principle. B. diminishing returns. C. specialization and exchange. D. real versus nominal costs.