The Lorenz curve is best used to measure international competitiveness
a. True
b. False
Indicate whether the statement is true or false
False
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We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples. B. more advanced farming technology. C. more land available to grow them on. D. less governmental oversight in the pineapple industry.
Consider an open economy that is a net borrower (like the United States). What would be the impact of a shift to a closed economy?
A) domestic interest rates would decline B) domestic savings would decline C) domestic investment would decline D) net borrowing would increase
For a price-taking firm, marginal revenue
A. is the addition to total revenue from producing one more unit of output. B. decreases as the firm produces more output. C. is equal to price at any level of output. D. both a and b E. both a and c
The major goal of social regulation is
A) a better quality of life through a less polluted environment, better working conditions, and safer and better products. B) to make sure that firms are not earning monopoly profits. C) to make sure that prices are kept low enough so that every person can purchase the good. D) to make sure that the firm produces at the socially optimal point of production.