QUESTION 15 When there are diminishing returns to labor, the PPF is: A Caved in toward the origin due to increasing oppo

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Question 15 When There Are Diminishing Returns To Labor The Ppf Is A Caved In Toward The Origin Due To Increasing Oppo 1 (26.88 KiB) Viewed 14 times

QUESTION 15 When there are diminishing returns to labor, the PPF is: A Caved in toward the origin due to increasing opportunity cost of production. 3 Bowed out from the origin due to decreasing opportunity cost of production. C. Bowed out from the origin due to increasing opportunity cost of production. D. A negative sloped straight line. QUESTION 16 Which of the following is a fallacy of international trade? A Trade is a zero-sum activity. 8. Exports increase employment in exporting industries. ⒸC Tariffs and quotas reduce trade. D.Import restrictions increase employment in import-competing industries. QUESTION 17 The specific-factors theory analyzes the income distribution effects of trade in the short run when resources are immobile among industries. True False QUESTION 18 Consider how factor owners in China will be affected by trade. Under trade, the marginal product in agriculture; landowners manufacturing: capital owners agriculture; capital owners manufacturing; landowners will increase and will earn higher real rentals compared to no trade.