Factors tend to be specific to certain uses and products
A) in the short run.
B) in countries lacking comparative advantage.
C) in capital-intensive industries.
D) in labor-intensive industries.
E) in countries lacking fair labor laws.
A
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If two countries adhere to a gold standard, the exchange rate for their currencies is fixed
Indicate whether the statement is true or false
A manager who does not see his or her goal as the maximization of profit
A. may nevertheless maximize the value of the firm. B. will likely be replaced either by shareholders or by a takeover of the firm. C. represents a principle-agent problem. D. both b and c
Specializing and participating in international trade allows an economy to: (check all that apply)
a. diver high-skilled resources toward low-valued services. b. increase the quantities of capital and consumer goods available to society. c. circumvent the output limits imposed by its own production possibilities curve. d. get more of the desired good by sacrificing greater amounts of some other good.
An increase in technology causes the optimum level of capital per worker to rise in the long run or steady state
a. true b. false