If more and better technology is used for producing wheat in the United States than in a lesser-developed country, then the:
a. MRP of the U.S. workers will be higher than the MRP of the workers in the lesser-developed country.
b. MRP of the U.S. workers will be lower than the MRP of the workers in the lesser-developed country.
c. demand for the U.S. workers will be lower than the demand for the workers in the lesser developed country.
d. price of wheat will be higher in the United States than in the lesser-developed country.
e. wages of the U.S. workers will be lower than the wages of the workers in the lesser-developed country.
a
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Next period's capital is equal to current-period investment
A) plus the amount of current capital left over after depreciation. B) minus the amount of current capital left over after depreciation. C) plus the amount of current period depreciation. D) minus the amount of current period depreciation.
Two goods must have infinite cross elasticities to be considered as belonging to the same market
Indicate whether the statement is true or false
Which of the following is an example of a payoff matrix?
a. A chart listing a train's arrival and departure times b. A chart showing the income limits for each tax bracket c. A chart listing the possible outcomes for each decision d. A chart showing the effect of changes in variable input upon total output
You are the manager of a Mom and Pop store that can buy milk from a supplier at $3.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is ?4, then your profit-maximizing price is:
A. $2.50. B. $5.00. C. $2.00. D. $4.00.