The United States is a creditor nation
Indicate whether the statement is true or false
FALSE
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For each watch that Switzerland produces, it gives up the opportunity to make 50 pounds of chocolate. Germany can produce 1 watch for every 100 pounds of chocolate it produces
Which of the following is true about the comparative advantage between the two countries? A) Switzerland has the comparative advantage in chocolate. B) Germany has the comparative advantage in watches and chocolate. C) Germany has the comparative advantage in watches. D) Switzerland has the comparative advantage in watches.
A firm practices input substitution when it
a. retrains Joe the welder as a painter and Pat the painter as a welder. b. buys extra machines for its workers to use. c. allows fixed cost to become variable. d. replaces unskilled labor with automated machinery.
In the short run, when a firm stops producing it:
A. must be that ATC is lower than market price. B. can avoid earning profits less than zero. C. avoids paying variable costs. D. avoids paying fixed costs.
If consumers are sensitive to price changes for a particular good, their demand for the good is said to be ________.
Fill in the blank(s) with the appropriate word(s).