If foreign professionals perform equal quality work more cheaply than American professionals it is because
a. American professionals have lower opportunity costs that foreign professionals.
b. foreign professionals have lower opportunity costs than American professionals.
c. foreign professionals have a higher cost of living than American professionals.
d. American professionals have a higher cost of living than foreign professionals.
b. foreign professionals have lower opportunity costs than American professionals.
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If we graph marginal utility, the curve has a negative slope. This is because of the
A. optimal purchase rule. B. law of increasing costs. C. law of diminishing marginal utility. D. marginal rate of substitution.
Which of the following statements is not true?
A. Ozone remains a pervasive problem in the United States. B. The United States suffers the worst air quality during winter months. C. Since the 1980s, there has been a downward trend in ambient concentrations of sulfur dioxide, carbon monoxide, and lead in the United States. D. Improperly dumped toxic substances can cause cancer and threaten overall health.
Which of the following statements is correct?
A. The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping. B. The demand curve for a purely competitive firm is downsloping, but the demand curve for a purely competitive industry is perfectly elastic. C. The demand curves are downsloping for both a purely competitive firm and a purely competitive industry. D. The demand curves are perfectly elastic for both a purely competitive firm and a purely competitive industry.
Unions might support a higher minimum wage because:
A. their constitutions obligate them to do so. B. they feel a higher minimum wage will lower labor's tax payments for welfare programs. C. a higher minimum wage makes less-skilled workers less substitutable for union workers. D. the minimum wage is better targeted than are alternative income-maintenance programs.