A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost
Indicate whether the statement is true or false
FALSE
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An economy produces at point a on the PPF shown in the above figure. A drought reduces the amount of wheat produced and the economy produces at point b. The opportunity cost of a unit of wheat ________
A) remains the same B) increases C) is impossible to calculate without numbers on the axes D) decreases
Under a fixed exchange rate regime, what will happen to the balance of payments for the United States and Mexico when the demand for Mexican goods rises? What is the only possible solution to this problem, given the fixed exchange rate?
What will be an ideal response?
It's impossible to sustain economic growth or development in the absence of:
A. income equality. B. improvements in education. C. membership to world organizations, like the United Nations. D. a rule of law.
Comparative advantage is always a(n) ________ concept.
A. monetary B. relative C. absolute D. abstract