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Suppose two countries E and F use many inputs. Country E exports tractors and imports televisions. Assuming there are no economies of scale, which of the following statements is true?
a) If the countries did not trade, then E would have a lower opportunity cost for tractors.
b) Even though there is trade, E has a lower opportunity cost for tractors.
c) E is sure to produce no televisions while F is sure to produce no tractors.
d) Neither country can consume at a point outside its production possibility frontier.
Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?
Explain how output per capita can grow faster than labor productivity. Is it possible for labor productivity to grow faster than output per capita.
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In perfectly competitive market a company typically has short run average total cost curve and marginal cost curve of;
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Shaniq buys only soda and pizza and is buying the amounts that maximize her utility. The marginal utility from a soda is 30 and the price of a soda is $2. The marginal utility from a slice of pizza is also 30. The price of a slice of pizza must be
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