Government in the United States spends more as a percentage of GDP than in most other industrialized nations.
Answer the following statement true (T) or false (F)
False
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If the wage rate rises, then the firm's long-run marginal costs change, which in turn affects the firm's output level and its employment of labor. This phenomenon is known as
a. the substitution effect. b. the scale effect. c. the regressive-factor effect. d. the factor-price effect.
Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
The factors of production are which of the following?
a. The outputs generated by the production process of transforming land, labor, and capital into goods and services. b. The land resources, such as natural resources, that are unimproved by human economic activity. c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories). d. Labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
Refer to the information provided in Figure 8.3 below to answer the question(s) that follow. 
Figure 8.3
Refer to Figure 8.3. The marginal cost of the ninth basketball is
A. less than $2. B. $2. C. $3. D. greater than $3.