"Currency" is a more encompassing term than "money" to denote acceptable mediums of exchange
Indicate whether the statement is true or false
F
You might also like to view...
A firm would find it profitable to increase its production when
a. its marginal revenue exceeds its marginal cost. b. its fixed costs decrease. c. higher resource costs raise its marginal costs. d. new competitors reduce the demand for the firm's product.
If the marginal private cost of producing one kilowatt of power in California equals five cents and the marginal social cost of each kilowatt equals nine cents, then the marginal external cost equals ________ per kilowatt
A) five cents B) nine cents C) four cents D) fourteen cents
Suppose Q = KaLb, if a + b < 1 the isoquants will be
a. upward sloping. b. progressively closer together at higher quantities. c. progressively further apart at higher quantities. d. equally spaced.
What is the difference between absolute advantage and comparative advantage? Which one is most important for determining what a country will specialize in producing?
What will be an ideal response?