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Increasing capital per labour increases output at a decreasing rate' refers to the idea of

A. economic development.

B. diminishing returns.

C. accumulation of labour.

D. None of the statements above are correct.

If Paraguay exports pens, what happens to the quantity of pens consumed in Paraguay and why?

A. The quantity of pens consumed decreases because the market price increases.

B. The quantity of pens consumed increases because the market price decreases.

C. The quantity of pens consumed remains constant because the price is unchanged.

D. The quantity of pens consumed increases because the market price increases.

A domestic producer of cars receives a higher price overseas than domestically. From that we know

A. that domestic car production is more productive than overseas car production

B. that domestic car production is less productive than overseas car production

C. that domestic car production has a comparative advantage over overseas car production

D. None of the above are correct

domestic producer of cars receives a higher price overseas than domestically. From that we know

A. that domestic car production is more productive than overseas car production

B. that domestic car production is less productive than overseas car production

C. that domestic car production has a comparative advantage over overseas car production

D. None of the above are correct

The infant-industry argument results in

A. a fall in imports in the protected new industry.

B. a cleaner environment.

C. foreign firms dumping in Australia.

D. None of the above are correct.