All central banks are controlled by government
Indicate whether the statement is true or false
FALSE
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Based on Scenario 1 above critically evaluate the following statement. "Because of the productivity differential between the two men we can conclude that the young man has a comparative advantage in the production of everything over the older man
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The average product can be calculated for any unit of input by dividing the total product by the marginal product. 2. If all inputs are increased by 25 percent and output by 35 percent, increasing returns to scale exist. 3. Implicit cost is an opportunity cost of doing business. 4. Opportunity cost and implicit cost are both explicit costs. 5. Marginal cost is the change in total cost that results from producing one less or one more unit of output.
Which of the following is true about the indifference curve where one commodity (such as pollution) is "bad"?
A) It has a negative slope. B) It has a positive slope. C) It is horizontal. D) It is vertical.
If marginal revenue exceeds marginal cost, profit maximizers should
a. reduce output until they are equal b. increase output until they are equal c. increase output until profits are zero d. decrease output unless profits are zero e. maintain current output