Recall the Application about the marginal cost involved in producing crude oil to answer the following question(s).Recall the Application. If the price of oil is only $15 per barrel, which country is most likely to be selling crude oil?
A. Saudi Arabia
B. the United States
C. Canada
D. Norway
Answer: A
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Consumer spending is considered a determinant of economic growth
a. True b. False Indicate whether the statement is true or false
Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception?
a. Workers appear identical to firms. b. Workers receive wages that are above their marginal revenue product (MRP). c. There are no barriers to entering the labor market. d. There are no barriers to exiting from the labor market. e. There are many buyers of labor in the market.
The law of diminishing returns
A. is completely invalid. B. states that if units of a resource are added to a fixed proportion of other resources, eventually marginal product will decline. C. states that if any two resources are combined, production will fall. D. states that profit margins decline as output rises.
Induced taxes...
What will be an ideal response?