The signaling effect leads to college graduates earning more because a college degree signals that a person has learned the required job skills.
Answer the following statement true (T) or false (F)
False
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A decrease in population shifts the production possibilities frontier outwards over time
Indicate whether the statement is true or false
What is productivity?
What will be an ideal response?
According to the marginal approach to profit maximization,
a. firms should equate total revenue and marginal cost when choosing the optimal output level b. firms should take any action that increases revenue more than costs c. economic profit is zero in the long run d. marginal cost declines until it reaches marginal revenue at the profit-maximizing output level e. marginal costs eventually diminish as more output is produced
The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour
a. True b. False Indicate whether the statement is true or false