Which of the following statements is true?
A) All individuals in both countries are made better off as a result of international trade.
B) Within each country, some individuals are made better off as a result of international trade, but one of the countries will be worse off overall.
C) Although some individuals are made better off as a result of international trade, both countries may be made worse off overall.
D) Each country as a whole is made better off as a result of international trade, but individuals within each country may be made worse off.
Answer: D
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The physical and mental effort people use to produce goods and services is a description of which factor of production?
A) physical capital B) labor C) entrepreneurship D) human capital
If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue. B) a 5 percent increase in price results in a 5 percent decrease in total revenue. C) a 5 percent increase in price does not change total revenue. D) the demand curve is a straight line with slope of -1.
After the imposition of a tax of $2 per unit of output, what is the profit maximizing price?
A) 11 B) 21 C) 31 D) 41 E) none of the above
Why doesn't the age-earning cycle continuously increase until retirement age?
What will be an ideal response?