A firm that maximizes profits also
A. uses the least-cost combination of resources.
B. is inefficient.
C. cuts corners in production processes so that its products are made too cheaply.
D. pays input prices lower than other firms do.
Answer: A
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The United States had the largest real GDP per person until the 2012 when the China's real GDP per person overtook and then exceeded that in the United States
Indicate whether the statement is true or false
Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their jobs and become full time college students. This would cause
A) the labor force participation rate to decrease. B) the number of discouraged workers to increase. C) no change in the unemployment rate. D) the unemployment rate to decrease.
Recent rapid economic growth in India and China has reduced the amount of "brain drain" in those countries
Indicate whether the statement is true or false
What roles do central banks play in an economy?
A) Central banks are government depositories. B) Central banks lobby for regulation on behalf of the banking industry. C) Central banks monitor fiscal agents in the economy. D) none of the above