Legal constraints will always reduce the size of the economic pie
Indicate whether the statement is true or false
FALSE
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An industry in which its firms' cost structures do not vary with changes in production is referred to as a
A. price-taking industry. B. constant-cost industry. C. price-controlled industry. D. fixed-price industry.
The authors provide an example that illustrates the calculation of the present discounted value for the lost wages from a deceased worker, and one component in this calculation is the worker's annual mortality rate (m)
Suppose we conduct this computation in two different ways --- one calculation assumes m is constant for all future periods, and the other calculation allows m to decline over time due to improvements in medical technology. Which estimated PDV will be larger? A) The PDV with constant m will be larger B) The PDV with variable m will be larger C) The two PDV's will be equal D) The answer to this question depends on the assumed interest rate
Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity
a. True b. False Indicate whether the statement is true or false
At higher rates of interest
A. businesses demand more investment because there are more funds available to invest. B. businesses demand more investment because future profitability is likely to be greater. C. households save more because they get a greater return on their savings. D. households save less because it is more expensive to save.