Refer to the scenario above. Which of the following combinations lie below Jack's production possibilities curve?
A) 10 paintings and 6 sculptures
B) 5 paintings and 1 sculpture
C) 10 paintings only
D) 10 sculptures only
B
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Answer the following questions briefly
(a) Is it possible for each nation to have BOP surpluses? Explain. (b) What is the "statistical anomaly" that imparts a bias to trade balances? (c) Is it correct to argue that deficit countries are harmed while surplus countries benefit by international free trade? (d) How is the balance of payments linked to national saving and investment?
The following table provides information about production at the XYZ-TV Company. Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000 How many workers will XYZ-TV Company hire if the going wage for TV production workers is $30,000?
A. 2 B. 3 C. 1 D. 0
A unit of output whose production and sale adds less to cost than it generates in additional revenue is
A) a profitable unit to produce and sell if marginal cost declines with additional output. B) a profitable unit to produce and sell if total receipts exceed total costs. C) a profitable unit to produce and sell unless it must be sold at a price below average unit cost. D) a profitable unit to produce and sell.
In both the case of the CPA painting her house and the painter filing his taxes, what is the determining factor that causes them to use professional services? What is the benefit of this specialization?
What will be an ideal response?