Once a new technology spreads and is adopted by many countries:
A. the first country to use it may lose its comparative advantage.
B. the country will have to have strict intellectual property rights protections in place.
C. other countries will perfect it, putting them at an absolute advantage.
D. the first country to use it will lose its absolute advantage.
Answer: A
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The table has the marginal products for workers at? Bart's Bats, a baseball bat factory. Using the above? table, if the price of a bat is? $8, then the value of the marginal product of labor of the fourth worker is
A. ?$1.375. B. $40. C. $0.625. D. 5 bats. E. None of the above answers is correct.
Which of the following is true?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, raise prices on both the products d. All of the above
Tim Tupper's term paper-typing business is a perfectly competitive firm in long-run equilibrium. Which of the following does not describes the firm's situation?
a. It will be minimizing average total cost. b. It will be charging a price equal to marginal cost. c. It will be charging a price equal to average total cost. d. It will be earning a normal profit. e. Entrepreneurs outside the industry will be eager to enter.
An economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies is called
a. an economic union. b. a common market. c. a trade forum. d. a free trade agreement.