Irrespective of the market structure, a firm maximizes profit at the level of output where the price of its product equals its marginal cost
a. True
b. False
Indicate whether the statement is true or false
False
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The workers in Adam Smith’s famous pin factory, who were proficient in pin production, faced the problem of
A. too many different tasks. B. becoming bored with their jobs. C. needing to exchange pins for other goods and services. D. not having too few pins to purchase other goods and services.
A persistent shortage or surplus of a currency under the Bretton Woods system was evidence of
A) failure to support the existing fixed exchange rate by central banks. B) speculation against the currency by speculators in world exchange markets. C) fundamental disequilibrium in the country's exchange rate. D) all of the above
Whenever prices are rising, the inflation rate is rising
a. True b. False
If a given unit of money is made of different commodities or different grades of commodity, then according to Gresham's Law, people trade away the best money and hoard inferior money
Indicate whether the statement is true or false