A country with plenty of capital and little land may have a comparative advantage in:
A. technology-intensive activities.
B. land-intensive activities.
C. capital-intensive activities.
D. labor-intensive activities.
Answer: C
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Refer to Table 21.1. If Martha's income doubled to $220,000 while the incomes of the other four residents did not change, what would happen to the original median income on Richlandia?
A) It would increase by $22,000. B) It would increase by $44,000. C) It would double. D) It would not change.
Which of the following will increase the demand for U.S. products in the international market?
a. An increase in the average price level in the U.S. b. A depreciation of foreign currency c. A depreciation of the U.S. dollar d. A tariff imposed by the U.S. on imported goods e. A rise in the domestic demand for goods and services
Price controls are usually enacted in response to
a. popular opinion. b. governmental studies. c. scholarly research on the effects of high prices. d. laws enacted in other countries. e. All of the above are correct.
Which of the following statements is correct for both a monopolist and a perfectly competitive firm? (i) The firm maximizes profits by equating marginal revenue with marginal cost. (ii) The firm maximizes profits by equating price with marginal cost. (iii) Demand equals marginal revenue. (iv) Average revenue equals price
a. (i), (iii), and (iv) only b. (i) and (iv) only c. (i), (ii), and (iv) only d. (i), (ii), (iii), and (iv)