The core problem faced by all economic systems is that
a. scarcity forces each of us to make choices
b. the government must intervene to allocate scarce resources
c. of matching people's wants with their needs
d. of allocating unlimited resources
e. it needs to maximize each household's material standard of living
A
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Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?
A) $2 B) -$2 C) $3 D) -$3
Which of the following could cause the supply of carrots to decrease?
a. Consumers' incomes decrease. b. There is a technological advance in carrot production. c. Fertilizer costs increase. d. The number of farmers growing carrots increases. e. The price of carrots decreases.
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then Chris should make ________ mugs per day.
A. 5 B. 4 C. 0 D. 6
Who are the decision makers in the most basic macroeconomic model?
a. the rest of the world and firms. b. government and firms c. households and government. d. households and firms.