If the MRP of labor is below the wage rate, the firm should lay off workers

Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate?

a) false economy b) command economy c) traditional economy d) centrally planned economy

Saving is disposable personal income spent on investment

a. True b. False Indicate whether the statement is true or false