A decrease in the labor force shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
TRUE
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For most firms in the economy, the largest part of factor costs is the cost of
a. labor. b. capital. c. property and machinery. d. land and natural resources.
If a profit-maximizing firm is currently producing output where MR = MC in the short run, it should
A. decrease output. B. increase output. C. not change output. D. shut down.
Suppose the marginal social cost (MSC) of abatement for particulate matter (PM) is MSC = 8 + 0.5A, where A is percent of PM removed, and MSC is in millions of dollars. Find the change in total social costs (TSC) of abatement if the abatement level increases from 12 percent to 20 percent as a result of new policy.
What will be an ideal response?
Currency in the United States today is
A) fiat money. B) intrinsic money. C) backed by gold. D) quasi- intrinsic.