A nation's infrastructure refers to:
A. public capital goods such as highways and sanitation systems.
B. the productivity of its labor force.
C. its ability to realize economies of scale.
D. its stock of technological knowledge.
Answer: A
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For a typical person who is currently earning a low wage rate, the
a. substitution effect of a wage rate increase usually is stronger than the income effect b. substitution effect of a wage rate increase usually is weaker than the income effect c. income effect of a wage rate increase is usually zero d. substitution effect of a wage rate increase is usually zero e. substitution and income effects of a wage rate increase tend to work in the same direction
A point on the per-worker production function shows:
a. the total output produced by the labor force of an industry on the vertical axis for each level of capital per worker on the horizontal axis. b. the marginal output per worker on the vertical axis for each level of worker per unit of capital on the horizontal axis. c. the marginal output per worker on the vertical axis for each level of capital per worker on the horizontal axis. d. the level of capital per worker on the vertical axis for respective average output per worker on the horizontal axis. e. the average output per worker on the vertical axis for each level of capital per worker on the horizontal axis.
With regard to preventing entry, if identical firms act simultaneously,
A) they cannot credibly threaten each other B) they will all incur losses C) only one firm will enter the market D) none of them would enter the market
Deadweight loss is the difference between consumer surplus and producer surplus.
Answer the following statement true (T) or false (F)