In the long run, perfectly competitive firms cannot earn an economic profit
Indicate whether the statement is true or false
TRUE
Economics
You might also like to view...
The marginal revenue product of labor declines as the number of workers increases because
A) firms hire the most efficient workers first and the least efficient workers last. B) firms must lower prices for the final product when they want to sell more units. C) of the law of diminishing marginal product. D) of diseconomies of scale.
Economics
A major goal of federal government policy is to eliminate frictional unemployment
a. True b. False Indicate whether the statement is true or false
Economics
Human Development Index
Read the United Nation Development Programme's discussion of the .
Questions:
- What are the advantages of using a measure such as the to compare economic wellbeing across countries?
- Why might there be some problems is using per capita GDP as a way of comparing economic well being in different countries? As part of your answer, consider the effect of differences in:
- household production
- pollution
- crime
- leisure time
- income distribution
- While the may be a reasonable measure to compare wellbeing in different countries, would it be a very useful guide to policymakers conducting fiscal and monetary policy in a given economy? Why are most government policymakers more concerned with GDP?
Economics
Roughly what fraction of total spending is consumption spending?
a. One-half b. One-eighth c. Two-fifths d. One-quarter e. Two-thirds
Economics