Refer to Mexico and Japan. What is the cost of producing cloth in Japan?
a. 1/2 bushel of food per bolt of cloth.
b. 3/4 bushel of food per bolt of cloth.
c. 4/3 bushels of food per bolt of cloth.
d. 3 bushels of food per bolt of cloth.
c. 4/3 bushels of food per bolt of cloth.
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When Ford decides to increase production of hybrid cars, it directly answers the ________ question
A) what B) how C) for whom D) where E) why
Which theory suggested that comparative advantage arises from differences in national factor endowments?
a. Mercantilism b. Heckscher-Ohlin c. Absolute Advantage d. Comparative Advantage
Total economic profit is
A) total revenue minus total opportunity cost. B) total revenue divided by total cost. C) marginal revenue minus marginal cost. D) marginal revenue divided by marginal cost.
American consumers decide to boycott grapes in support of the farm workers' union. Everything else being equal, the
a. price of grapes will rise. b. supply of grapes will fall. c. quantity supplied of grapes will fall. d. demand curve for grapes will shift to the right.