Comparative advantage matters most in determining the efficient distribution of production over the world
a. True
b. False
Indicate whether the statement is true or false
True
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New growth theory argues that
A) growth relies on maintaining lower growth rates of population, especially in less developed countries. B) technology cannot be looked at as an outside factor without an explanation of what drives it. C) technology is the key factor that explains growth but technology is beyond economic explanation itself. D) growth is due to the proper government policies concerning interest rates.
Total profit is maximized
a. where the difference between total revenue and total cost is greatest. b. at that output level where marginal revenue equals average cost. c. where total revenue is at a maximum. d. at the point where all variable costs are covered.
Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
a. The quantity of eggs demanded will increase. b. Egg demand will decrease. c. Egg supply will increase. d. Egg supply will decrease.
The sum of all the individual supply curves for a product is called
a. total supply. b. market supply. c. aggregate supply. d. total output.