Increases in human capital will promote economic growth.
a. true
b. false
Ans: a. true
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If a demand curve is unit elastic, then P times Q will remain constant when P changes.
Answer the following statement true (T) or false (F)
Economists use game theory to analyze oligopolies because
A) it is more enjoyable for economists and students to learn by playing games. B) game theory is useful in understanding the actions of firms that are price takers. C) game theory helps us to understand why interactions among firms are crucial in determining profitable business strategies. D) real markets are too complicated to analyze without using games.
If the market price is $5 and you are currently producing at a level where average total cost is $3 and falling, you should:
a. b or c, it doesn't matter. b. shut down. c. produce only enough to cover variable costs. d. produce where MR = MC. e. produce until the average total cost and average revenue are equal.
Unlike national income, personal income
a. includes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and excludes interest and transfer payments received by households from the government. b. excludes retained earnings, indirect business taxes corporate income taxes, social insurance contributions and interest and transfer payments received by households from the government. c. excludes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and includes interest and transfer payments received by households from the government. d. includes retained earnings, indirect business taxes, corporate income taxes, social insurance contributions, and interest and transfer payments received by households from the government.