A country's effective factor endowment is defined as its:
a. actual factor endowment times factor productivity.
b. actual factor endowment times GDP.
c. effective factor endowment times factor productivity.
d. actual factor endowment divided by its factor productivity.
Ans: a. actual factor endowment times factor productivity.
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What is an aggregate demand curve
a. The demand of an individual with respect to price b. The total demand of the market with respect to price of a good c. The preference of an individual in the market d. None of the above
Appendix: Research suggests that an auction for a private value item will yield the HIGHEST payout if:
a. we use a Dutch auction b. we use an English auction c. we use only cash, and not allow credit cards d. use a fixed price
Which of the following examples shows external diseconomies of scale?
a. As Fresh Farms expands, it hires more unskilled workers to tend and harvest crops. b. As Colso Mining expands, the average wage scale for miners increases industrywide. c. As Coyote Bus Service expands, it improves its training of drivers. d. As Jack’s Fisheries expands, it buys more efficient boats.
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Baseball players who switch teams are more likely to suffer from injuries because the player's ________ team has superior information concerning the health of the player and, if they believe the player will be prone to injury in the future, they ________ be willing to outbid another team.
A. new; will not B. old; will not C. new; will D. old; will