Any scientific theory
A) emphasizes some factors while slighting others.
B) contains some biases.
C) offers no guarantee of being completely valid and true.
D) is characterized by all of the above.
E) is characterized by none of the above.
D
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Refer to Scenario 10-1. Based on the information above, what is the level of public saving?
A) $0 B) $1 trillion C) $2 trillion D) negative $1 trillion (a deficit of $1 trillion)
For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing
A) output price. B) marginal physical product of labor. C) price of labor. D) marginal cost of production.
The law of one price applied to the international marketplace is called:
a. real exchange rates. b. nominal exchange rates. c. arbitrage. d. purchasing-power parity.
In the short run, the perfectly competitive firm will always earn an economic profit when
A. P > ATC. B. P = MC. C. P = ATC. D. P > AVC.