Technological change allows the economy to produce more output with the same amount of capital and labor
Indicate whether the statement is true or false
TRUE
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Increasing income tax rates will solve the "Social Security time bomb issue" is an example of
A) a positive economic statement. B) marginal cost exceeding marginal benefit. C) answering the "how" question. D) globalization. E) business economic policy.
In calculating gross domestic product, investment refers to the purchase of new ______________ goods.
a. quality b. capital c. government d. superior
For the past three years, you have earned economic profits of $5,00 . per year by being the only vendor selling bottled tap water at your town's Fourth of July celebration. When you go to city hall to apply for a vending permit for this year's
celebration, the city clerk mentions that fifty new firms have received permits to sell tap water this year. a . What can you do to protect your economic profit in the short run? b. What can you do to protect your economic profit in the long run?
A profit-maximizing firm in a monopolistically competitive market can earn positive, negative, or zero profits in the short run
a. True b. False Indicate whether the statement is true or false