A market supply curve shows how the total quantity supplied of a good varies as
a. production technology varies.
b. price varies.
c. input prices vary.
d. demand varies.
b
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Medicaid coverage is universal for all low-income individuals regardless of health
a. True b. False
Which of the following scenarios shows the likely effect of a 20% tariff on steel imports?
a. The price of imported steel falls. b. The volume of steel imports rises. c. Sales of imported steel increase. d. The price of domestic steel rises.
Debt is a financial position where you have made a financial obligation and the only way you have to pay for it is from money you have yet to earn.
Indicate whether the statement is true or false
Suppose that all workers place a value on their leisure of 40 goods per day. The production function relating output per day Y to the number of people working per day N is Y = 200N - 2N2and the marginal product of labor is MPN = 200 - 2N.A 20% tax is levied on wages. Output per day would be
A. 9375. B. 11,250. C. 5625. D. 7250.