If the opportunity cost of producing more of one good remains the same as more of that good is produced, then the production method is inefficient
Indicate whether the statement is true or false
FALSE
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An increase in the exchange rate from $2.00 = 1 € to $2.20 = 1 € is a
A) 10% depreciation of the euro with respect to the dollar. B) 10% depreciation of the dollar with respect to the euro. C) 10% appreciation of the dollar with respect to the euro. D) None of the above.
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its average cost?
a. $100 b. $20 c. $65 d. $32
If the price of labor increases, employers will hire more labor because it is more valuable
a. True b. False
When a tariff is removed from an imported product, which of the following will occur?
A. The demand curve for the imported product will shift to the right. B. The level of imports will fall. C. The supply curve for the imported product will shift to the left. D. The price paid by consumers will fall.