Every time we use scarce resources in one way, we give up the opportunity to use them in other ways.
Answer the following statement true (T) or false (F)
True
A cost is always involved in any activity.
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A monopolist will earn economic profits as long as his price exceeds
a. marginal revenue. b. average fixed cost. c. average variable cost. d. average total cost.
Commercial banks ________ through making loans.
A. create money B. conduct open market operations C. decrease M1 D. change the reserve requirement
Which is the best example of public property in a mixed-market economy?
Mixed-market economies have more private property, while command economies have more public property. a. Cars b. Homes c. streets and roads d. restaurants and shops
In Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve, ________
A) unemployment will, in the long run, reach the natural rate B) in the long run, expected inflation will reach the NAIRU C) inflation is positively related to the unemployment gap D) all of the above E) none of the above