Between two countries, comparative advantage is found by comparing the:
a. relative costs of production in each country.
b. absolute costs of production in each country after accounting for inflation.
c. labor hours required to produce a bundle of products in each country.
d. level of interest rates in each country.
e. shipping and transportation costs of each country.
a
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Refer to Table 7.1. What is the average product of the 4th worker?
A. 4 units of output
B. 3 units of output
C. 16 units of output
D. 6 units of output
When a price fails to reflect all the benefits of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
Briefly and concisely define the following terms. a. Voluntarism b. Direct controls c. Depletable resource
What will be an ideal response?
In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain. B. human capital. C. certification. D. credentialism.