In a developed country, in which of the following examples would labor-intensive methods work better than capital-intensive methods?
a. Four tons of dirt must be moved as quickly as possible.
b. A poem must be perfectly written to honor a retiring professor.
c. One thousand transmission cases must be cast from aluminum.
d. A vast reserve of oil must be retrieved from deep underground.
b. A poem must be perfectly written to honor a retiring professor.
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A change in the price of important inputs will change the quantity supplied but will not shift the supply curve.
Answer the following statement true (T) or false (F)
If the average height in the classroom were 5 feet 10 inches and Patrick Ewing, who is 7 feet tall, came in and sat down,
a. the average height would rise to 7 feet b. the marginal height would be 5 feet 10 inches c. the average height would not change d. the average height would rise somewhat e. the marginal height would rise
The earliest type of exchange involved _____
a. coins b. barter c. commodity money d. fiduciary money e. fiat money
A price discriminating monopolist charges a very high price to the consumers with high price elasticity of demand
a. True b. False Indicate whether the statement is true or false