Japan's status as a rich nation is attributable to
a. Japan's quantities of natural resources, but not to international trade.
b. international trade, but not to Japan's domestic quantities of natural resources.
c. the fact that Japanese productivity has remained nearly constant for more than 100 years.
d. the fact that the Japanese have downplayed the role of human capital in economic growth.
b
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If 20,000 units of iced tea are sold
A) the marginal benefit of each of the 20,000 units of iced tea equals $3. B) producer surplus equals consumer surplus. C) marginal benefit is equal to marginal cost. D) the deadweight loss is equal to economic surplus.
In constructing the monopolist's input demand curve, which of the statements is FALSE?
A) The demand curve has a negative slope due to the law of diminishing marginal product. B) Marginal revenue is always positive. C) A monopoly restricts output and hires fewer units of labor than a perfectly competitive firm. D) The supply curve a monopoly faces is horizontal because the monopoly is a price taker.