Scarcity of resources implies that people must make decisions consistent with the means they have available to them.
Answer the following statement true (T) or false (F)
True
Economics
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A movement along the aggregate production function is the result of a change in
A) the quantity of labor. B) technology. C) capital. D) interest rates.
Economics
"If the marginal product of labor curve slopes downward, then the average product of labor curve necessarily must slope downward." Explain whether the previous statement is correct or incorrect?
What will be an ideal response?
Economics
The nation's disposable income increases by $400 billion and, as a result, consumer spending increases by $320 billion. Therefore, the MPC equals
a. 0.16. b. 0.20. c. 0.60. d. 0.80. e. 0.96.
Economics
Which of the following goods is the most liquid?
A. Home-baked cookies B. Painting by Degas C. Checking account D. Gold watch
Economics