Most ________ is embodied in physical capital
A) human capital
B) technological change
C) labor productivity
D) economic growth
B
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One benefit of a negative income tax is that it would increase work incentives
a. True b. False Indicate whether the statement is true or false
The average total cost of a firm is calculated by: a. dividing total cost of the firm by the quantity of output produced
b. multiplying the total cost of the firm by the quantity of output produced. c. dividing the total cost of the firm by the price of its output. d. multiplying the total cost of the firm by the price of its output.
Land, labor, and capital are bought and sold in the product market.
Answer the following statement true (T) or false (F)
If international trade is based on product differentiation, for a country the basis for
A. importing is that the price of the imports is the same as the price of the domestic products. B. exporting is the domestic production of unique models or varieties demanded by some consumers in foreign markets. C. exporting is that domestic producers can charge a much higher price in the international market. D. importing is that foreign firms usually enjoy external scale economies.