A country's exports increase as its level of domestic production increases
a. True
b. False
Indicate whether the statement is true or false
False
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Diminishing marginal product exists when the production function becomes flatter as inputs increase
a. True b. False Indicate whether the statement is true or false
If the explicit costs to a firm to produce a unit of output are $6 and the firm sells 200,000 units of output for $8 per unit, the accounting profit received by the producer is
A) $1.2 million. B) $850,000. C) $1.6 million. D) $400,000.
If marginal cost is above average total cost, average total cost will
A. decrease. B. remain constant. C. increase. D. be minimized.
Recessions in the United States typically are:
A. widely felt outside the United States. B. confined to the domestic economy. C. limited to specific regions of the country. D. limited to a few industries.