A common pool resource is nonrival and nonexcludable
Indicate whether the statement is true or false
FALSE
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A point along a production possibilities curve shows
A. that in order to acquire more of one good, none of the alternative good must be given up. B. that in order to acquire more of one good, some of the alternative good must be given up. C. that any amount of goods could be produced by society if people worked harder. D. various combinations of guns and butter that can be produced under conditions of 6 percent unemployment.
What was the least important reason for the failure of the Virginia Company?
a. Difficulty in finding good crops to grow b. The Company's employees had unforeseen labor alternatives. c. There was a relatively small incentive for employees to work hard. d. The death rate was much higher than they expected.
A deficit nation in a fixed exchange rate system can improve its balance of payments by increasing
a. its money supply. b. its interest rates. c. its level of real GDP. d. aggregate demand.
The marginal revenue product sets an upper limit to the wage rate an employer will pay.
Answer the following statement true (T) or false (F)