Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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Table 34-1 ? Alternate Outputs from One Day’s Labor Input ? Wheat ? Textiles United States ? ? ? (one person’s/day’s labor) 12 bushels or 3 yards ? ? ? ? Great Britain ? ? ? (one person’s/day’s labor) 3 bushels or 12 yards ? From Table 34-1, the United States
A. has an absolute advantage over Great Britain in the production of textiles. B. has an absolute advantage over Great Britain in the production of wheat. C. has a comparative advantage in the production of textiles. D. should export textiles to Great Britain.
The resource based perspective indicates that firms exhibit different performances within the same industry because
a. Some firms have better resources than others b. Some firms have organizational structures that can be duplicated c. Some firms sell goods that have a more elastic demand d. Some firms sell goods that have a perfectly elastic demand
A firm's value added is
a. the revenue it receives by selling its output b. usually not included in GDP c. the revenue it receives for its output, minus the cost of all the intermediate goods it buys d. the revenue it receives for its output, plus the cost of all the intermediate goods it buys e. the revenue it receives for its output, minus the taxes that it pays
If the total variable cost curve for a firm is S-shaped, what is the shape of the total cost curve for that firm?
a. U-shaped b. flat c. hill-shaped d. S-shaped e. there is not enough information