Economists often take their first shot at a business problem by assuming that relevant information is available:
a. along with a model to help them produce a valid conclusion.
b. using which a model has to be created.
c. but a sample test has to be performed to detect its quality.
d. but the consequences of using them in a model is uncertain.
A
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The portion of national debt owned by foreigners does constitute a burden on the nation as a whole.
Answer the following statement true (T) or false (F)
If the 1989 salary in 2009 dollars is $147,951, how do we interpret this?
A. The salary earned in 1989 could have purchased the same amount of goods as $147,951 could buy in 2009.
B. It would take $147,951 in 2009 to buy the same amount of goods that was purchased in 1989 with $85,529.
C. Someone earning $85,529 in 1989 would be as well off if he were earning $147,951 in 2009.
D. All of these interpretations are correct.
With a monopoly, the producer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
If, after hiring the 6th worker, a firm's output falls, then the marginal product of the 6th worker is negative
Indicate whether the statement is true or false