A change in one input price will cause the slope of the budget line to change
a. True
b. False
Indicate whether the statement is true or false
True
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With a given level of GDP, a decrease in the size of population would cause:
A) GDP per capita to decrease. B) life expectancy to decrease. C) GDP per capita to increase. D) life expectancy to increase.
Suppose that the equilibrium wage in the low-skilled labor market is $9.25. Further, suppose the federal government raises the minimum wage to $9.00 an hour from its present level of $8.15
The government's action of increasing the minimum wage will result in A) a decrease in unemployment. B) an increase in unemployment. C) a shortage of low-skilled labor. D) neither a shortage nor a surplus of labor in the low-skilled labor market.
Which is considered fiat money?
(a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates
Average fixed cost is
a. the sum of variable and fixed costs b. total cost minus variable cost c. variable cost plus marginal cost d. total fixed cost per unit of output e. constant as output changes