Absolute advantage is found by comparing different producers'
a. opportunity costs.
b. payments to land, labor, and capital.
c. input requirements per unit of output.
d. locational and logistical circumstances.
c
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Given the value of marginal product of labor, the higher the wage rate, the higher the number of workers employed
Indicate whether the statement is true or false
The slope of the consumption function can be determined by dividing the change in
a. real consumption spending by the change in real disposable income b. nominal spending by the change in nominal disposable income c. real disposable income by the change in real consumption spending d. nominal disposable income by the change in nominal consumption spending e. total consumption spending by the change in autonomous consumption spending
Suppose that, due to low profits, many individuals decide to leave the farming business. The effect of the exodus will be
A. to increase the demand for agricultural products. B. to increase the prices of agricultural products. C. to decrease the demand for agricultural products. D. to decrease the prices of agricultural products.
A colluding oligopoly will face market demand and produce up until the point at which
A. P = MR = MC. B. P < MR > MC. C. P > MR = MC. D. P < MR = MC.