Fill out the table and answer the question below. 
Marginal product is negative when ________ units of labor are employed.
A. 5 units of labor are employed.
B. 7 units of labor are employed.
C. 6 units of labor are employed.
D. both b and c.
Answer: D
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Comparative advantage implies that a country will
A) import those goods in which the country has a comparative advantage. B) export those goods in which the country has a comparative advantage. C) find it difficult to conclude free trade agreements with other nations. D) export goods produced by domestic industries with low wages relative to its trading partners.
According to theory, where is the right price determined?
A) where average cost equals marginal cost. B) where marginal revenue equals marginal cost. C) where total revenue equals total cost. D) where there is a markup of 300 percent.
Due to a scarcity of resources,
a. governments should decide what should be produced b. the government must decide how to allocate available resources c. some members of each society must live in poverty d. every society must choose among competing uses of available resources e. resource availability exceeds the possible uses for available resources
A politician may be considered an entrepreneur in the sense that
a. he is always open to bribery. b. identical personal characteristics are necessary for success in politics and in business. c. the successful politician discovers and offers voters political goods when voter demand is strong for him. d. like the businessman, the politician selfishly attempts to gain at the expense of his customers.