______ raised questions about the Heckscher-Ohlin theory.
Fill in the blank(s) with the appropriate word(s).
Leontief
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Define the term rent. Explain why confiscation of rents would cause more than a simple transfer of income from resource owners to the government.
What will be an ideal response?
Consider the following:
(i) Define the term diminishing marginal returns to labor. When diminishing marginal returns to labor exist, what can be said about the firm's cost curves? (ii) Define the term decreasing returns to scale. When decreasing returns to scale exist, what can be said about the firm's cost curves?
Suppose a company sells its product for $5.00 . It's industrial engineers have informed management that hiring one additional worker will increase output by five units per hour. The company should hire the additional worker only if the wage rate is
a. $5.00 or less per hour. b. $1.00 or more per hour. c. $25.00 or less per hour. d. none of the above.
______ are costs or benefits of a market activity experienced by someone outside of the immediate transaction.
A.) Externalities B.) Private goods C.) Public goods D.) Accounting costs