If total product is rising as more workers are hired, MPP must be positive
Indicate whether the statement is true or false
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Social Security and Medicare have been hugely successful in reducing poverty among the elderly
Indicate whether the statement is true or false
If Bountiful Orchard grows $100,000 worth of peaches, sells $50,000 worth of peaches to consumers and uses to rest to make jam that is sold to consumers for $100,000, Bountiful Orchard's contribution to GDP is:
A. $200,000. B. $150,000. C. $100,000. D. $50,000.
The long-run average total cost curve is constructed from the
A. Lowest average total cost for producing each level of output. B. Minimum points of the long-run marginal cost curves. C. Minimum points of the short-run marginal cost curves. D. Minimum points of the short-run average variable cost curves.
The figure below shows the market for MP3 players in a small country. Dd and Sd are the domestic demand and domestic supply curves of the MP3 players. QQ is the quota quantity. How many MP3 players can be imported from abroad after the quota is imposed?
A. 5 million B. 2 million C. 17 million D. 12 million