The United States has developed a comparative advantage in film production due to the film industry being long-established in southern California, and lower costs result from the size of the industry in the area. This source of comparative advantage is
referred to as
A) the abundance of natural resources.
B) superior process technology.
C) external economies.
D) best practices of unskilled labor.
Answer: C
Economics
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The price elasticity of demand is equal to the slope of the demand curve
a. True b. False
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Which of the following would be associated with an inflationary gap?
a. interest rates too low b. business expectations pessimistic c. inventory levels too low d. stock market crash e. All of the above.
Economics
money in the United States includes
What will be an ideal response?
Economics
The additional cost associated with the hiring of one more unit of labor is known as the
A. marginal revenue product of labor. B. marginal factor cost of labor. C. marginal utility of labor. D. marginal physical product of labor.
Economics