Increasing marginal returns to labor might occur at low levels of labor input because of
A) increasing average costs.
B) differing factor proportions.
C) increasing specialization of tasks.
D) decreasing use of machinery and increasing use of technology.
C
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Refer to Figure 2-2. If Vidalia chooses to produce 50 dozen roses, how many orchids can it produce to maximize production?
A) 20 dozen orchids B) 40 dozen orchids C) 60 dozen orchids D) 80 dozen orchids
Collusion is more likely to occur when
A) there is fear of punishment for not colluding. B) there is a known finite time horizon. C) there are large gains to be made by cheating on an agreement. D) the game lasts only one period.
Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services. b. It is a quantitative restriction on imports imposed by the government. c. It is a monetary benefit received by exporters from the government. d. It is a monetary benefit received by importers from the government. e. It is a tax on import and export levied by the government.
Preferential trade agreements have a beneficial trade-diversion effect when they reduce prices for traded goods and stimulate the volume of international trade
a. True b. False Indicate whether the statement is true or false