If price is above average total cost at the output where marginal revenue equals marginal cost, a firm will earn positive economic profits.
Answer the following statement true (T) or false (F)
True
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Opportunity Cost:
A. only includes explicit, out of pocket expenses. B. is the value of your next best alternative. C. is never provided in dollar values. D. would not include lost wages from working when deciding to take a vacation.
Human capital is generally acquired through:
A. job experience, but not training workshops because they are generally specific to certain job types. B. occupational workshops only,because this is where workers attain job focused skills. C. training, but not academic education. D. education, training and experience of workers.
A time series graph reveals whether there is a ________ , which represents ________
A) trends in two variables; unrelated variables B) relationship between two variables; a trend in a variable C) cross-section relationship; a general tendency for the variables to rise or fall D) trend in a variable; a general tendency for the variable to rise or fall E) relationship between two variables; a cross-section relationship
Consumption expenditures were previously the largest component of GDP, but with the growth of government and government expenditures, this is no longer true
a. True b. False Indicate whether the statement is true or false