According to the dependence theory, the developing world is known as the
a. backward areas.
b. periphery.
c. first world.
d. center.
B
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Refer to Figure 9.7. After the policy was implemented, the quantity traded became
A) 1000. B) 2000. C) 3000. D) 4000. E) between 2000 and 4000, but the amount depends upon producers' reactions, which are uncertain.
Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____
a. marginal revenue b. total output c. total revenue d. marginal product e. none of the above
From a union's perspective, the optimal level of employment is determined by the intersection of the
A. Labor demand curve and the marginal wage curve. B. Labor demand curve and the marginal factor cost curve. C. Labor demand curve and the labor supply curve. D. Marginal wage curve and the labor supply curve.
Answer the following statement(s) true (T) or false (F)
1. In the long run, all inputs to a firm’s business can be adjusted. 2. When a firm experiences diminishing marginal product, its total output declines. 3. Fixed costs do not have to be paid if no output is produced. 4. In the short run, a firm’s average fixed cost rises with output. 5. Marginal cost is the change in fixed cost associated with a change in output by one unit.