If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another
A) 8
B) 6
C) 5
D) 4
B
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Along a straight-line supply curve:
A. the change in elasticity depends on the supply curve in question. B. elasticity is equal to slope. C. elasticity declines as price declines. D. elasticity rises as price rises.
A characteristic of outsourcing is
a. completely unrelated to vertical integration b. likely to be profitable exactly when vertical integration is unprofitable c. it prevents a firm from focusing on its core competencies d. it prevents the exploitation of differing degrees of economies of scale at different points in the supply chain
Since a large and a small wind turbine have the same installation, operating, and maintenance costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small turbine, the wind power industry faces decreasing returns to scale.
Answer the following statement true (T) or false (F)
The United States imports televisions from Japan and Japan imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true that
A. the United States has comparative advantage in producing computer chips. B. the opportunity cost of producing computer chips in the United States is higher than that in Japan. C. the opportunity cost of producing televisions in Japan is higher than that in the United States. D. the United States has comparative advantage in producing televisions.