A resource owner will supply resources up to the point where marginal resource cost is equal to marginal revenue product
a. True
b. False
A
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Unlike AFDC, TANF is an entitlement program
Indicate whether the statement is true or false
A firm that cheats in a cartel earns a higher profit because: a. it sells more units of its own output
b. it charges more dollars per unit of its output. c. it earns from economies of scale. d. it is able to cut its costs by undercutting the cartel.
A decrease in the real wage rate
A) shifts the labor demand curve rightward. B) shifts the labor demand curve leftward. C) shifts the labor supply curve leftward. D) none of the above because a change in the real wage rate does not shift either the labor demand or labor supply curve.
If a developing country has sufficient reserves, the buying and selling of foreign currency by the central bank is:
A. likely to have a much smaller impact on the exchange rate than in developed countries. B. completely ineffective on the exchange rate. C. likely to have a much greater impact on the exchange rate than in developed countries. D. likely to have roughly the same impact on the exchange rate as in developed countries.