If the United States is operating at full production, not only are we using our most ________ technology, but we are utilizing our land, labor, capital and entrepreneurial ability at their most ________________.
Fill in the blank(s) with the appropriate word(s).
up-to-date; productive jobs
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Kenya owns a lawn mowing company. His total product schedule is in the above table. Decreasing marginal returns first occur with the
A) first worker. B) second worker. C) third worker. D) fourth worker. E) fifth worker.
Refer to the above figure. Suppose the marginal benefit and the marginal cost curves of pollution abatement are normally shaped. Technological change that made it easier to produce in a "cleaner" fashion would cause
A) curve (4 ) to shift out, increasing the optimal amount of pollution abatement. B) curve (3 ) to shift up, raising the marginal benefits and costs and reducing the amount of pollution abatement. C) curve (2 ) to shift out, increasing the optimal amount of pollution abatement. D) curve (1 ) to shift out, increasing the optimal amount of pollution abatement.
Developing countries have different institutional priorities than developed countries for all of the following reasons except that they:
A. have weaker financial institutions than developed countries. B. lack the institutional ability to collect taxes, unlike developed countries. C. have more socially-minded leaders than developed countries. D. have dual economies, unlike developed countries.
High training costs make it more costly for consumers to switch products. This is an example of
A. Barriers to entry. B. Contestable markets. C. Government regulation. D. Cartels.