Property rights facilitate the development of trade
Indicate whether the statement is true or false
TRUE
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Suppose the United States is in the midst of a recession. What will happen to the value of the mpi?
A) It will decrease. B) It will fall to zero. C) It will not change. D) It will increase.
If the above figure accurately portrays the market conditions for a given monopolist, we can be assured that the monopolist
A) is making a normal profit. B) is producing at the level that will maximize benefit to society. C) is making excessive profits. D) will be forced to go out of business in the long run.
A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 workers. The marginal product of the sixth worker for this farm is:
a. 500 bushels. b. 10,000 bushels. c. 23,000 bushels. d. 3,000 bushels.
Japan can use all of its resources to produce 100 videos or 400 shoes. China can use all of its resources to produce 25 videos or 200 shoes
Which nation has the comparative advantage in shoes and which nation has the comparative advantage in videos?