India would raise income levels faster if workers migrated from the country to the city
Indicate whether the statement is true or false
TRUE
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Sweet Treats sells its extra-large cupcakes for $14 each and the firm has a constant marginal cost of $6 per cupcake, which is equal to its (constant) average total cost. If Sweet Treats does not sell a cupcake the day it is produced, it is sold as day-old for $4. Sweet Treats should hold the number of cupcakes in inventory that makes the probability of selling that quantity of cupcakes or more
equal to ________. A) 0.80 B) 0.20 C) 0.40 D) 0.60
Under laissez faire, output selection is determined by
a. consumer preferences. b. production costs. c. firms' desires to make profits. d. All of the above are correct.
At the utility maximizing choice, the marginal utility of a hamburger is 50 utils, while the marginal utility of French fries is 25 utils. If the price of French-fries $5, the price of a hamburger is _____
a. $10 b. $5 c. $4 d. $2.50
For trade to work out properly, _____.
(A) Both parties should have an absolute advantage. (B) Both parties should have a comparative advantage. (C) One party should have an absolute advantage while the other should have a comparative advantage. (D) Both parties should be making about the same profit from the exchange.