For economic growth to take place, we must consume more and save less.
a. true
b. false
Ans: b. false
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Four points on a demand schedule are given: $12, 2 units; $10, 1 unit; $15, 1.5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A) $12 and 2 units B) $10 and 1 unit C) $15 and 1.5 units D) $2 and 4 units
Aggregate surplus:
A. is minimized under perfect competition. B. is the difference between consumer and producer surpluses. C. is the sum of consumer and producer surpluses. D. will never be positive in the long run.
If Q is total real output, K is capital in use, and L is labor employed, then _____ is the formula to calculate the productivity of labor
a. K/L b. L/K c. Q/L d. Q/K e. (Q + K)/L
Managers should do more of an activity if it adds more to revenue than it adds to cost
Indicate whether the statement is true or false