When demand is elastic, marginal revenue is
A) positive.
B) negative.
C) zero.
D) increasing as output increases.
E) undefined.
A
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Refer to Table 2-12. What is Guatemala's opportunity cost of producing one canoe?
A) 1/6 of a sailboat B) 2/3 of a sailboat C) 6 sailboats D) 7.5 sailboats
Suppose that in Brazil total annual output is worth $600 million and people work 30 million hours. In Peru total annual output is worth $800 million and people work 50 million hours. Productivity is higher
a. in Brazil. Most variation in the standard of living across countries is due to differences in productivity. b. in Brazil. Differences in productivity explain very little of the variation in the standard of living across countries. c. in Peru. Most variation in the standard of living across countries is due to differences in productivity. d. in Peru. Differences in productivity explain very little of the variation in the standard of living across countries.