Which of the following would result in lower costs?
A. Lower prices for inputs
B. Using fewer inputs per unit of output
C. Increasing efficiency
D. All of the above
D. All of the above
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The law of diminishing marginal product holds so long as the input is not a Giffen good.
Answer the following statement true (T) or false (F)
If the Gini coefficient for the United States is 0.47 and that for India is 0.36, which of the following statements is true?
a. The U.S. being an industrialized nation has a lower income inequality than India. b. The Lorenz curve for the U.S. lies above the Lorenz curve for India. c. India, in spite of being a developing nation, has lesser income inequality than the U.S. d. The Lorenz curve for India would coincide with the line of perfect equality. e. The distribution of income in both the economies are equal.
What is the law of comparative advantage, and why is it important in international trade?
Which of the following is not subject to scarcity?
a. water b. steel c. diamonds d. none of the above