Like the two world wars, the Korean War (1950–53) produced shortages of resources, labor and output due to large-scale foreign military deployments and demands for the production of war-related goods and services
Indicate whether the statement is true or false
False
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In a second-price auction, the winner pays
A) the second-to-last bid it made. B) the average of the top two bids. C) the amount bid by the runner-up. D) None of the above.
Owner-provided capital and owner-provided labor are examples of
A) explicit costs. B) implicit costs. C) normal rate of return. D) accounting costs.
If exports rise and imports fall, then:
a. GDP will increase. b. GDP will decrease. c. GDP may remain unchanged. d. net exports will fall. e. transfer will rise.
Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input, labor. Columns 2 and 3 represent the demand function facing the monopolist over this range of output: 
If the monopolist faces a fixed wage rate of $300, how many units of labor will the firm employ?
A. 3 units B. 4 units C. 5 units D. 6 units E. 7 units