Per capita real GDP does not give us information about the distribution of income in a country or about the nonmonetary quality of life
a. True
b. False
Indicate whether the statement is true or false
True
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Macroeconomics is concerned with the behavior of all of the firms in a particular industry, while microeconomics focuses on a single firm in the same industry
Indicate whether the statement is true or false
Use the above table. The MPS is
A) 0.91. B) 0.80. C) 0.20. D) 0.09.
The egalitarian principle of income refers to
A) each person being paid differently. B) each person receiving the same income. C) each person receiving tax breaks. D) each person working the same number of hours.
Average fixed costs
A. fall as output rises. B. are the costs associated with producing an additional unit of output. C. reach their minimum at the output level where the average fixed cost curve is intersected by the marginal cost curve. D. provide a per unit measure of costs.