Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns?
A) for more than 1 units of labor B) for more than 4 units of labor
C) for more than 5 units of labor D) for more than 8 units of labor
B
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Assume that Honduras has a comparative advantage in producing bananas and exports bananas to Brazil. We can conclude that
A) Honduras has a lower opportunity cost of producing bananas relative to Brazil. B) Brazil has an absolute disadvantage in producing bananas relative to Honduras. C) Labor costs are higher for banana producers in Brazil than in Honduras. D) Honduras also has an absolute advantage in producing bananas relative to Brazil.
The key dimension of deepening human capital in the U.S. economy focuses more on a higher average level of work experience than on additional education and training
a. True b. False Indicate whether the statement is true or false