Health and education are two of the lynch pins of economic development.
Answer the following statement true (T) or false (F)
True
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The income effect is thought to offset the substitution effect among very high wage earners
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. On the production possibilities frontier, unemployment is zero percent. B. On the production possibilities frontier, 85 percent of the labor force is employed. C. To get out of a recession, we must move to some point closer to the production possibilities frontier. D. To have economic growth, we must have zero unemployment.
A firm should increase the quantity of output as long as its:
A. marginal revenue is greater than its marginal cost. B. marginal cost is greater than its marginal revenue. C. average revenue is greater than its average variable cost. D. average revenue is greater than its average total cost.
Based on the theory of comparative advantage, nations maximize their well being when they
A) create more jobs. B) allocate resources more efficiently. C) increase trade surpluses. D) increase exports.