If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Germany to produce wristwatches
Indicate whether the statement is true or false
TRUE
You might also like to view...
Rio Tinto was able to introduce robotic machines into its mining operations because of developments in computer technology, the Global Positioning System (GPS), and robotics
The company's mining operations are an example of ________, in which devices directly communicate data to a computer without a person having to enter the data. A) Artificial Intelligence B) Technological Singularity C) the use of Big Data D) the Internet of Things
According to the rational expectations theory
A. anticipation of inflation can cause deflation. B. anticipation of inflation actually causes inflation. C. inflation rates are unrelated to unemployment rates. D. the economic understanding of workers and managers is incomplete, making it unlikely that their inflationary expectations will influence the economy.
Suppose a profit-maximizing firm in a perfectly competitive market is collecting $1,999 in total revenues. If the total cost of its fixed factors of production falls from $500 to $400, the firm will:
A. earn greater profits or smaller losses. B. expand its output. C. earn smaller profits or larger losses. D. lower its price.
If the market demand decreases for a good sold in a perfectly competitive market, firms in the market:
A. will be able to charge a higher price for their product. B. will receive a lower price for their product. C. will not be able to change their price. D. will not be affected by the change in demand.