Which of the following statements is true?
A) Trade leads to inefficient allocation of resources.
B) Trade discourages workers to specialize in production.
C) International trade creates supply bottlenecks.
D) Trade allows people to choose occupations that suit their talents.
D
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The above table shows the total product schedule for the campus book store. If each employee is paid $6 per hour and there are no other variable costs, then at what level of books sold per hour does the marginal cost begin to increase?
A) 41 books per hour B) 59 books per hour C) 73 books per hour D) 90 books per hour
Which of the following is a possible difference between health care and other products? a. The demand curve for health care may be steeper than the demand curve for other products
b. The demand curve for health care is a horizontal line, whereas the demand curve for other products is downward sloping. c. The supply curve for health care is fixed, whereas the supply curve of other products change with a change in its determinants. d. The demand for health care is positively related to price, whereas the demand for other products is inversely related to price. e. The supply of health care is inversely related to price whereas the supply of other products are positively related to price.