Factor-price equalization theory predicts that with free trade the input prices within a country will become the same.
Answer the following statement true (T) or false (F)
False
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When disposal income is $5.0 trillion, consumption expenditure is $4.5 trillion. When disposal income is $6.0 trillion, consumption expenditure is $5.0 trillion. What is the marginal propensity to consume?
What will be an ideal response?
The Cobb-Douglas production function for a beer manufacturer is q=1.52L0.6K0.4. If we assume that the firm's capital is fixed at 250 units and the rental rate of capital is $5 per unit, then average fixed cost is
A) $1250. B) $1250/q. C) 1.52L0.6(250)0.4. D) Unable to determine with information given.
All taxes carry which of the following costs?
A. Time in creating procedures for collecting revenues B. Enforcing tax payments C. Managing collected funds D. All taxes incur all of these costs.
The market supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide. B. any given worker is willing to provide. C. all firms are willing to employ. D. any given firm is willing to employ.