Differences in resource endowments are differences in
a. tariffs charged by each country
b. consumption patterns across nations
c. production patterns across nations
d. the quantity, but not the quality, of resources available in different nations
e. the quality and quantity of resources available in different nations
E
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An increase in capital brings a large increase in output at a ________ quantity of capital and a small increase in output at a ________ quantity of capital because of ________
A) large; small; the greater the quantity of capital the greater the output B) small; large; diminishing returns along the productivity curve C) large; small; diminishing returns along the productivity curve D) small; large; increasing returns along the productivity curve E) large; small; increasing returns along the productivity curve
Refer to Figure 14.3. Suppose the economy is initially at long-run equilibrium and the economy experiences a demand shock such as a stock market crash. This is best represented by an initial movement from
A) point C to point A. B) point C to point B. C) point C to point D. D) point D to point A.
Which of the following are NOT characteristics of a competitive market?
A) There is freedom of entry and exit. B) There are zero transaction costs. C) There are only one or two sellers. D) Buyers and sellers have complete information.
The division of a resource's earnings between economic rent and opportunity cost depends on the resource owner's
a. elasticity of labor supply b. price elasticity of labor demand c. income elasticity of labor demand d. cross-price elasticity of demand e. marginal revenue product