Wealth is considered to be a nonincome determinant of consumption
a. True
b. False
Indicate whether the statement is true or false
True
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A nation can maximize the net benefits from immigration by:
A. Contracting immigration until the extra welfare cost for taxpayers is zero B. Expanding immigration until its marginal benefits equal its marginal costs C. Expanding immigration because it benefits society with a greater supply of products and increased demand for them D. Contracting immigration because the benefits are minor and it reduces the wage rates of domestic workers
An increase in the supply (curve) of a good implies a larger quantity of the good will now be supplied
A) at the same price. B) even if the price falls substantially. C) only if the price rises. D) whenever the demand decreases.
Why is the long-run average total cost (LRATC) curve called the planning curve?
Average growth rates of per capita income were close to zero, on average, prior to the Industrial Revolution
a. True b. False Indicate whether the statement is true or false