Which of the following is FALSE?
A. 1 + MPS = MPC
B. 1 - MPC = MPS
C. MPC + MPS = 1
D. 1 - APS = APC
Answer: A
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Comment on the following statement: "The shape of the long-run average cost curve is determined by diminishing returns."
What will be an ideal response?
Our rate of productivity growth in the 1990s was _____ compared to the rate of our productivity growth during the 1970s.
Fill in the blank(s) with the appropriate word(s).
Refer to above figure in which negative externality existed. The government imposes a $1.00 pollution tax on the producer. Supply shifts leftward.
A. This tax will be borne entirely by the producer. B. The amount of the tax shifted to the consumer depends on the consumer's elasticity of the demand curve. C. This tax will be shifted entirely to the consumer. D. The tax will be divided into equal amounts between consumer and producer.
Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in Alaska. That year, Professor Simpson would be officially counted as:
A. structurally unemployed. B. frictionally unemployed. C. not in the labor force. D. employed.