Why do firms engage in the activity of production?
A. to acquire profits
B. to help society advance technologically
C. to develop a supply schedule
D. to participate in the circular flow
Answer: A
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Quebec is capable of producing 10 pallets of wood shingles or 8 barrels of maple syrup with a unit of labor. Vermont is capable of producing 12 pallets of wood shingles or 12 barrels of maple syrup with a unit of labor. Assume that this is typical of the labor force as a whole. Which location has the absolute advantage and which has the comparative advantage, in the production of each good? Can these locations reap gains from trade?
What will be an ideal response?
After 1960, all of the following declined except
a. the number of U.S. farms. b. the portion of U.S. labor force employed by the agricultural sector. c. the total amount of U.S. land devoted to farming. d. the average acreage per U.S. farm.
Suppose that for a given good demand increases and supply increases at the same time. If demand increases by a lesser amount than supply increases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; falls B) falls; falls C) rises; rises D) falls; rises
A ________ is owned by its stockholders
A) sole proprietorship B) corporation C) partnership D) All of the above are correct.