If a nation is currently operating at a point inside its production possibilities curve, it
A. is fully employing all of its resources.
B. is operating beyond its possible capacity.
C. is utilizing its resources efficiently.
D. none of the choices are true.
D. none of the choices are true.
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A minimum wage in the formal sector will likely
a. reduce the number of formal-sector workers b. increase labor supply and lower wages in the informal sector c. encourage rural-urban migration d. lead to increased mechanization in the formal sector e. all of the above
When a monopoly lowers its price to increase quantity
A) it is not maximizing its profit. B) it will increase its profit. C) it will make less money on the units it would have originally sold. D) the quantity produced drives down marginal revenue.
Cyrus McCormick is best known for
a. manufacturing the mechanical reaper. b. developing hybrid strains of corn. c. introducing chemical fertilizers. d. the invention of the single-horse plow.
A firm in short-run equilibrium always earns positive profits if
a. AC > P > AVC. b. AR > AC. c. MR = MC. d. AC > MC.