Any increase in efficiency increases only profits of producers, with no increase in output.
Answer the following statement true (T) or false (F)
False
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The theory of PPP suggests that if one country's price level falls relative to another's, its currency should
A) depreciate. B) appreciate. C) float. D) do none of the above.
If a firm makes its own inputs rather than buying them, it ________ need to be concerned about the hold-up problem and ________ need to be concerned with contract compliance.
A) does not; does not B) does; does C) does; does not D) does not; does
A perfectly competitive firm need never consider
a. price because it cannot control price b. its fixed cost because it cannot shut down c. its market share because advertising keeps it competitive d. the effect of its own production on price e. barriers to entry because the barriers never change
Nominal GDP includes the current value of services produced in the economy
a. True b. False Indicate whether the statement is true or false