If average product is decreasing, then marginal product
a. Must be increasing
b. Must be greater than average product
c. Must be less than average product
d. None of the above
c
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A country should export the goods in which it has an absolute advantage
a. True b. False Indicate whether the statement is true or false
By issuing checks, debit cards, and credit cards, banks:
a. increase the transaction costs in the economy. b. decrease the transaction costs in the economy. c. increase the liquidity of assets in the economy. d. decrease the liquidity of assets in the economy.
When price exceeds average variable cost in the short run, a competitive firm's marginal cost curve is regarded as its supply curve because
a. the position of the marginal cost curve determines the price for which the firm should sell its product. b. among the various cost curves, the marginal cost curve is the only one that slopes upward. c. the marginal cost curve determines the quantity of output the firm is willing to supply at any price. d. the firm is aware that marginal revenue must exceed marginal cost in order for profit to be maximized.
The GDP does not include the nonmarket economy. What is this, and why isn't it included?
What will be an ideal response?