The major difference between a closed economy and an open economy is that a(n)
a. closed economy balances budget, while an open economy does not.
b. open economy is a market economy, while a closed economy relies on planning.
c. open economy interacts with the rest of the world, while a closed economy does not.
d. closed economy keeps political affairs secret, while an open economy does not.
c
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If a profit-maximizing firm is a price taker in the input market but not in the output market, its marginal value product of labor
a. exceeds the marginal revenue product of labor. b. equals its marginal revenue product of labor. c. is less than the marginal revenue product of labor. d. equals the marginal physical product of labor.
The lowest of the federal or state minimum wage levels prevails in each state
a. True b. False Indicate whether the statement is true or false
The typical volume of an aluminum can of soda is 355 mL. What is the equivalent volume in gallons?
Transfer payments are excluded from GDP
Indicate whether the statement is true or false