When marginal revenue is positive, total revenue must rise as output increases
a. True
b. False
A
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Refer to the table above. If countries were to trade along the lines of absolute advantage
A) A would export X to B. B) B would import Y from A. C) neither country would want to trade. D) More information is needed to determine the pattern.
The optimum quantity of an input occurs when
a. diminishing returns set in. b. marginal revenue product equals input price. c. marginal physical product equals input price. d. marginal revenue product equals output price.
Following the sharp increases in oil prices in the United States caused by the OPEC oil embargo of 1973–1974, U.S. automakers started building smaller, more fuel-efficient cars. This development caused the
A. demand curve for oil to shift out. B. demand curve for oil to shift in. C. supply curve of oil to shift out. D. supply curve of oil to shift in.
Advancements in information technology can be used to explain the
A. reductions in energy usage. B. increases in energy usage. C. productivity improvements in the United States. D. productivity slowdown of the early 2000s in the United States.