Which of the following is a land resource?
A. an oil drilling rig
B. a machine for detecting earthquakes
C. natural gas
D. a farmer
Answer: C
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Economics is best defined as the science of choice and how people cope with
A) differences in wants. B) differences in needs. C) scarcity. D) different economic systems.
Hudson Manufacturing is an MNE based in the United States with operations in Asia. The firm is considering expansion into the European Union. Which of the following questions is most relevant to the decision?
A) What is the primary language of most workers? B) Which country has the best production location? C) Which currency has the most favorable value of the euro? D) Which country has the lowest tariffs for manufactured products?
The cost of using an additional unit of an input is called the
A) marginal revenue product. B) marginal physical product cost. C) marginal factor cost. D) marginal product of labor.
In some models of international trade, economists assume there are only two goods and two countries. This assumption is an example of:
a. positive economics. b. a simplifying assumption. c. normative economics. d. a critical assumption.