A consumer will consume the combination of goods at the crossing point of a budget line and indifference curve.
Answer the following statement true (T) or false (F)
False
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Monetary freedom refers to:
a. the ability to create and operate an enterprise easily. b. the absence of tariff and non-tariff barriers that affect imports of goods. c. the tax burden and overall tax revenue of the government. d. price stability with an assessment of price control. e. the free flow of foreign capital.
Studies of the effects of the minimum wage typically find that a 10 percent increase in the minimum wage depresses teenage employment by about
a. 1 to 3 percent. b. 5 to 7 percent. c. 10 percent. d. None of the above is correct because studies show no decrease in teenage employment.
Which statement best characterizes the classical economists' view of saving and investment?
A. Saving exceeds investment. B. Saving is less than investment. C. Saving equals investment. D. Saving and investment are not related to one another.
Refer to the given data. If the prices of labor and capital are $9 and $15 respectively, at the profit-maximizing level of output, the firm's total revenue will be:
A. $114.
B. $180.
C. $129.
D. $192.