Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital.
B) China has relative abundance in skilled labor.
C) The United States has relative scarcity in unskilled labor.
D) The United States has relative scarcity in capital.
C
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The reason the marginal benefit of information curve is downward sloping is because
A. some information is useless. B. information adds less and less benefit as more of it is acquired. C. most information is useless. D. there is only so much to learn about a product.
Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATC4). Dustin's Plant 2 will be economically efficient if the firm produces
A) 2,000 copies per day. B) 4,800 copies per day. C) 5,300 copies per day. D) 6,000 copies per day.
In the Classical system, the interest rate is determined by all of the following except
A) the thriftiness of the public. B) the money supply. C) the productivity of capital. D) investment.
The outcome of the game in the figure shown will be:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. Joe puts forth high effort and Sarah puts forth low effort.
B. Joe puts forth low effort and Sarah puts forth high effort.
C. Joe and Sarah both put forth low effort.
D. Joe and Sarah both put forth high effort.