Economists argue that we can calculate the value of a human life by observing voluntary risks that people take every day
a. True
b. False
Indicate whether the statement is true or false
True
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Specialization is another word for
A) pursuing one's comparative advantage. B) the division of labor. C) producing at a comparably lower opportunity cost. D) all of the above. E) none of the above.
In the short run, if a firm's total product is increasing: a. its marginal product must be increasing
b. its marginal product must be positive. c. its marginal product could be increasing or decreasing. d. both b. and c. are true.
Who has the comparative advantage in the production of good B?
a. Alex
b. Adam
c. Both Alex and Adam
d. Neither Alex nor Adam
When the average physical product is rising
A) total cost is falling. B) average total cost is increasing. C) average variable cost is falling. D) marginal cost is always rising.