If Labor in the United States Is More Productive Than

question 100

Multiple Choice

If labor in the United States is more productive than England, then _____

• A) the United States is better off for trading with England.
• B) England is worse off for trading with the United States.
• C) neither country will benefit from trading.
• D) both countries will benefit from trading.
• E) England does not have a comparative advantage.

Identify how regulatory changes can influence technological adoption and market forces.

Understand the concept of electronic commerce and its forms.

Comprehend the role of internet-based technologies in facilitating communication within organizations and with external partners.

Identify and distinguish between various forms of market competition.

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Definitions:

Marginal Product

The increase in output resulting from a one-unit increase in the quantity of a particular input, holding all other inputs constant.

Total Product

The total output of goods or services produced by a firm or industry within a specified period.

Negative Marginal Returns

A situation where adding an additional factor of production results in lower output per unit.

Fixed Input

Inputs that remain constant for a period of time and do not change with the level of output.