When a country imposes a trade restriction, the real exchange rate of that country's currency appreciates
a. True
b. False
Indicate whether the statement is true or false
True
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At any quantity of output above the intersection of the marginal revenue and marginal cost curves:
A. MR is lower than MC. B. profits are being maximized. C. ATC equal to AVC. D. MR is higher than MC.
The poverty line is the income level
a. earned by a worker employed full-time at the minimum wage. b. below which a family is officially considered "poor." c. above which a family is not entitled to government assistance. d. that is the average for American families.
Refer to Table 10.2. The marginal product of the seventh unit of labor is:
A. 50. B. 40. C. 30. D. 10.
Which of the proposals for education reform is likely to be supported by an economist concerned with efficiency?
a. Give families "education stamps" to be spent at the school of their choice. b. Assign children to particular schools based on where they live. c. Give all schoolchildren the same number of years of education. d. Abolish private (i.e., fee-charging) schools.