The more capital a laborer works with, the more output the worker creates
Indicate whether the statement is true or false
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A country has a comparative advantage in the production of a good if it can
A) trade off producing the good for another good. B) produce more of the good than another country. C) produce the good on and remain on its production possibilities frontier. D) produce more of the good most efficiently. E) produce the good at the lowest opportunity cost.
When the demand curve is vertical and the supply curve is upward sloping,:
a. a rise in the input price that increases marginal cost by $1, decreases the firm's profit by $1. b. a drop in the input price that lowers the marginal cost by $1, doubles the firm's profit. c. a drop in the input price that lowers the marginal cost by $1, decreases the output price by $1. d. a rise in the input price that increases the marginal cost by $1, doubles the output price.
The stages of a business cycle, in order, are
a. expansion, contraction, recession, and boom. b. contraction, recession, expansion, and boom. c. boom, expansion, contraction, and recession. d. recession, contraction, expansion, and boom.
You cause an automobile liability insurance company to face a moral hazard problem when you take ________ driving precautions ________ you buy automobile liability insurance from the company.
A. fewer; before B. fewer; after C. more; after D. the same; before and after