Setting P = ATC allows us to calculate total profit or loss
Indicate whether the statement is true or false
F
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Refer to the table below. The law of diminishing marginal returns becomes evident after ________ units of output are produced.OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 66 B. 33 C. 132 D. 99
The TANF program was the result of _____
a. the New Deal b. the Great Society programs of President Johnson c. President Reagan's second term in office d. President Clinton's desire to end welfare as conventionally understood
According to A.W. Phillips, an inverse relationship has existed between
A. the inflation rate and the money supply. B. the inflation rate and unemployment rate. C. the rate of growth of the money supply and the unemployment rate. D. unemployment and interest rates.
Related to the Economics in Practice on page 26: Which one of the following occurs when an individual enters the paid work force?
A. The opportunity cost of time for housework increases, because money earned at a job can allow individuals to pay someone to do household chores that the individuals used to do themselves. B. The opportunity cost of time for housework decreases, because increased earning power makes individuals less likely to do their own housework. C. The opportunity cost of time for housework increases, because time spent on housework could be spent on money-earning activities. D. The opportunity cost of time for housework decreases, because as more people enter the work force, businesses have greater incentives to develop innovations that make housework more efficient.