A very high Gini coefficient implies a very wealthy country
Indicate whether the statement is true or false
F
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Which of the following statements is NOT true about the relationship between the dollar value of total output and total income?
A) The dollar value of total output equals total income because profit is considered a cost of production. B) The dollar value of total output equals total income because of the economic definition of profit. C) The dollar value of total output equals total income because profit is not considered a cost of production. D) The dollar value of total output equals total income because the spending of one group is the income of another.
Changing consumer taste and preferences, lawsuits, and competitive pressures adversely affect McDonald's sales
Indicate whether the statement is true or false
The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor for the third worker is
A) 6. B) 8. C) 24. D) not known from the information provided.
Since the cost of using more of any resource is ________, viewing any resource's price as zero leads to ________.
A. negative; overutilization B. positive; overutilization C. positive; underutilization D. positive; a surplus