Specializing on the basis of marginal cost of production and trading allows both parties to consume more than their respective production sets would allow
Indicate whether the statement is true or false
T
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When single-input producer choice sets are non-convex, the first order condition of the profit maximization problem is neither necessary nor sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
U.S. national debt _______ when the federal government's _______
A. increases; outlays exceed tax revenue B. decreases; outlays exceed tax revenue C. increases; tax revenue rises faster than outlays D. decreases; tax revenue rises faster than outlays
As the popularity of the pill spread:
A. the number of younger workers willing to take entry-level jobs collapsed. B. the number of women entering professional degree programs exploded. C. the unemployment rate for women skyrocketed as there were more women competing for the same jobs. D. the number of middle-aged women leaving the labor force
When incomes fail and the qualities of steak purchased change, economists make the ceteris paribus assumption because: (check all that apply)
a. the assumption is important in distinguishing between macroeconomics and microeconomics. b. economists would otherwise be confused by the effects of changes of other variables on the quantity of steak purchased. c. income is the most important factor that influences the quantity of steak purchased. d. economists are able to account for all of the variables that impact the quantity of steak purchased. e. the assumption helps isolate the effects of a change in income on the quantity of steak purchased.