If substantial income mobility is present, then there is considerable movement of individuals up and down the income ladder over time
a. True
b. False
Indicate whether the statement is true or false
True
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A firm that is operating at a loss may continue to operate for a while because of costs that it will still have to pay even if production ceases.
Answer the following statement true (T) or false (F)
The deadline for your research paper is tomorrow and you still need a day of work to complete the paper. Unfortunately, you are scheduled to work all day in the cafeteria. You can turn the paper in one day late for a 10 percent penalty or take the day off of work and turn the paper in by the deadline. Losing a day of wages will cost you $90. The marginal cost of turning the paper in on time is:
A. 10 percent deducted from your final score. B. $90 in forgone wages. C. not getting to lounge around all day. D. the 10% deduction in score and $90 in forgone wages.
A disadvantage of functional finance is that it: a. does not focus on producing the potential level of output in an economy
b. increases the level of unemployment during recessions. c. allows chronic deficits that magnify into national debt, allowing it to reach an alarming level. d. requires that the budget is balanced even during times of war. e. magnifies fluctuations in the business cycle.
Which of the following is a characteristic of monopoly in the long run?
A) The firm makes zero economic profit. B) The firm can make an economic profit. C) Price equals marginal cost. D) Price equals marginal revenue.