A perfectly competitive firm hires more resources than a monopolist
a. True
b. False
Indicate whether the statement is true or false
True
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If real GDP per person is above the subsistence level then, according to classical growth theory,
A) the population will increase. B) the standard of living will continue to improve. C) the population will decrease. D) labor productivity will increase. E) more technological advances occur.
In the United States, currency includes
A) paper money and coins in circulation. B) checking and savings account deposits. C) gold, silver, and paper money. D) traveler's checks.
The intertemporal substitution hypothesis suggests that hours of work should
A. be greatest during peak wage years. B. steadily decrease with age. C. increase immediately prior to retirement. D. steadily increase with age. E. be greater for women than for men.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.