Which of the following is an example of a produced factor of production?
a. corn that is harvested from a field in Iowa
b. workers who are hired at a coal mine in West Virginia
c. skills that teachers in Texas acquire through continuing-education classes
d. All of the above are correct.
c
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James used $250,00 . from his savings account that paid an annual interest of 15% to purchase a hardware store. After one year, James sold the business for 320,000 . His accountant calculated his profit to be:
a. $320,000 b. $70,000 c. $282,500 d. $32,500
Suppose you can type a paper in two hours or mow the lawn in four hours, while it takes your friend Gabriela eight hours to type a paper or two hours to mow the lawn. Which of the following is true?
a. You have a comparative advantage in typing. b. You have a comparative advantage in mowing the lawn. c. You and Gabriela could save time if you mowed her lawn while she typed your paper. d. You and Gabriela cannot gain from specialization and trade.
With positive externalities, _____
a. the market equilibrium occurs at a lesser quantity than the socially optimal output b. the market equilibrium occurs at a greater quantity than the socially optimal output c. the social benefit curve lies below the private benefit curve d. there is no deadweight loss
The U.S. International Trade Commission rejects many antidumping and countervailing duty allegations because there is:
a. insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. b. insufficient evidence of dumping or export subsidization. c. insufficient evidence of dumping or export subsidization and insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. d. no evidence of dumping or export subsidization, but there is evidence that a U.S. industry is materially injured.