For a particular farmer and a single growing season, the amount of seed that is planted would be considered a variable input
Indicate whether the statement is true or false
TRUE
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How does money make the circular flow model more efficient
A. Neither the product nor resource market can exist without money. B. Money gives firms an advantage over households, since they have more money. C. Money makes the product market more important than the resource market D. Having a common medium of exchange, like money, eliminates the need to barter.
It is not possible to have a comparative advantage in producing a good or service without having an absolute advantage
Indicate whether the statement is true or false
Profit-maximizing firms will expand their employment of each variable resource until
a. the Marginal Revenue Product (MRP) of the resource is just equal to the price of the resource. b. other firms realize they can't compete. c. the MRP of the resource is below the cost of the resource. d. the MRP of the resource is above the cost of the resource.
Which of the following actions would government take to increase economic growth:
A. Decrease exports B. Increase taxes C. Increase government spending D. Decrease government subsidies