If a given unit of money is made of different commodities or different grades of commodity, then according to Gresham's Law, people trade away the best money and hoard inferior money
Indicate whether the statement is true or false
false
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Diminishing marginal product occurs when
a. the increases to total output are declining. b. marginal product is negative. c. total output is decreasing. d. All of the above are correct.
The problem of economic scarcity applies
A) only in industrially developed countries because resources are scarce. B) only in underdeveloped countries because there are no productive resources. C) only in economic systems that are just beginning to develop because specialized resources are scarce. D) to all economic systems, regardless of their level of development.
The Lorenz curve shows what portion of total money income is accounted for by
A) different proportions of a country's households. B) only the wealthiest citizens. C) only poor people. D) taxpaying citizens only.
Refer to the data provided in Table 10.1 below to answer the following question(s).
Table 10.1 
Refer to Table 10.1. If the payment to labor per day is $100, this T-shirt manufacturer is maximizing profits if he will hire ________ employee(s).
A. one B. two C. four D. five