A decrease in the population of an economy is likely to lead to lower wages and a lower quantity of labor used
Indicate whether the statement is true or false
FALSE
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For certain public projects such as building a dam on a river or a bridge to an island, what procedure is a government likely to use to determine what quantity of a public good should be supplied?
A) It hires economists to estimate the market demand for the product. B) It evaluates the costs and benefits of producing the good. C) It takes a vote in Congress. D) It conducts public surveys to determine if consumers want the product.
Which statement best describes the two issues economists face when comparing the GDP of different nations?
a. The two issues economists face when comparing the GDP of different nations are natural resources and population. b. The two issues economists face when comparing the GDP of different nations are natural resources and tax codes. c. The two issues economists face when comparing the GDP of different nations are currency and natural resources. d. The two issues economists face when comparing the GDP of different nations are currency and population.
A variable that responds to a change in another variable is called a(n) _______ variable.
A) independent B) dependent C) theoretical D) all of the above are true
Which of the following algebraic expressions is inaccurate?
A. TC=TVC+TFC B. ATC=AFC+AVC C. AFC=ATC-AVC D. MC=ATC-AVC