Why is the PPF bowed out in the HeckscherOhlin model?
A. Capital is specific to the production of one good.
B. Labor is specific to the production of the other good.
C. There are increasing opportunity costs of producing each good.
D. Labor is not perfectly mobile between the production of the two goods.
Ans: C. There are increasing opportunity costs of producing each good.
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The world population is approximately ________ people
A) 6.8 billion B) 6.8 trillion C) 680 million D) 2 trillion E) 6.8 million
The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct?
A) The total fixed cost is $1. B) The average fixed cost of 1 gallon is $1.00. C) The average variable cost of 2 gallons of ice cream is $1.00 per gallon. D) Only answers A and B are correct. E) Answers A, B, and C are correct.