Other things equal, if Mexico devotes more resources to train its population than Spain,
A) Mexico will be able to eliminate scarcity faster than Spain.
B) Mexico will grow faster than Spain.
C) Mexico will be able to eliminate opportunity cost faster than Spain.
D) Mexico will have more current consumption than Spain.
E) Spain will grow faster than Mexico.
B
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When the cost of producing a product is paid, at least in part, by someone other than the producer, the cost is referred to as
A) an external cost. B) an external profit. C) an external benefit. D) an external/internal cost. E) a public cost.
A tariff:
A. is a tax on imports. B. is a tax on exports. C. directly limits the total quantity of a good that can be imported. D. directly limits the total quantity of a good that can be exported.
Marginal revenue product of labor measures the extra revenue generated to the firm from the employment of an additional worker
a. True b. False Indicate whether the statement is true or false
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