The Cost-Benefit Principle tells us that a firm should continue to expand production as long as:
A. price of the good is greater than its marginal cost.
B. it can sell another unit of the good.
C. the firm's profit is positive.
D. the supply curve is upward sloping.
Answer: A
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The ________ effect means that, other things remaining the same, the higher the wage rate, the less time people will spend working and the more time people will spend at leisure
A) price B) labor C) income D) substitution
A trade deficit occurs when:
A. government revenue exceeds government spending. B. exports exceed imports. C. exports are less than imports. D. government spending exceeds government revenue.
Which of the following resulted from the Smoot-Hawley trade bill of 1930?
What will be an ideal response?
The demographic transition view alleges that:
A. the DVCs must first accept the use of birth control techniques to increase their standards of living. B. population growth will only decline if mortality rates exceed birth rates. C. if incomes first rise, population growth will then decline. D. population growth has no bearing on a nation's per capita income.