If you can consume a good without having to pay for it, the good must be a public good.
Answer the following statement true (T) or false (F)
False
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Differences in what can explain the wage gap between U.S.-born and foreign-born workers?
(a) Culture (b) Schooling (c) Urbanization (d) All of the above
What describes the graphical relationship between average product and marginal product?
A) Average product cuts marginal product from above, at the maximum point of marginal product. B) Average product cuts marginal product from below, at the maximum point of marginal product. C) Marginal product cuts average product from above, at the maximum point of average product. D) Marginal product cuts average product from below, at the maximum point of average product. E) Average and marginal product do not intersect.
A monopolistic competitor's demand curve tends to be more inelastic than a monopolist's demand curve
a. True b. False Indicate whether the statement is true or false
A recessionary gap exists when potential GDP
A. falls short of equilibrium GDP. B. exceeds equilibrium GDP. C. equals equilibrium GDP. D. inflation leads to economic disequilibrium.