Government subsidized scholarships are an example of a government policy aimed at correcting negative externalities associated with education
a. True
b. False
Indicate whether the statement is true or false
False
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According to classical growth theory, when real GDP per person ________, the population grows
A) is less than the subsistence real income B) is less than capital per hour of labor C) is constant D) exceeds the subsistence real income E) exceeds capital per hour of labor
For the monopolistic competitor, which of the following is INCORRECT?
A) Because the firm is not a perfect competitor, its demand curve slopes downward. B) The marginal revenue curve is downward sloping and lies below the demand curve. C) The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. D) If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry.
In the long run in a monopolistic competitive industry,
a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.
A company can protect itself from the opportunity cost of rising rents in an area by buying its own building
a. True b. False Indicate whether the statement is true or false