It is impossible for one person to have a comparative advantage in all tasks
a. True
b. False
A
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A French tourist spent $1,200 in the U.S this year. This transaction will lead to a(n) ________
A) decrease in the GDP of U.S. B) increase in the GDP of France C) decrease in the GDP of France D) increase in the GDP of U.S.
In the aggregate production function, Y represents real GDP, K represents the capital stock, L represents the quantity of labor, and A represents an index of efficiency. Which of the following equations represents the aggregate production function?
A) Y = (K × L) / A B) Y × A = (K × L) C) Y = AF(K, L) D) Y = (K × L) = A /FY
Which of the following does not determine the position and shape of a society's PPF?
a. physical resources b. price level c. skills and technology d. past construction of factories and research
Assume that the marginal cost of producing steel does not include the cost of the damage to the environment as a result of pollution. By producing where P = MC, the firm will be producing
A. more than the efficient amount of steel. B. less than the efficient amount of steel. C. the efficient amount of steel. D. a zero quantity of steel.