Signals are
A. compact ways of conveying to economic decision makers information needed to identify industries where more resources are needed.
B. the method by which firms determine their profit maximizing quantity.
C. used by economic decision-makers to inform others about their plans.
D. the method by which government planners inform economic decision-makers about the types of decisions they should make.
Answer: A
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In a perfectly competitive market, when the price is greater than the minimum average total cost for all firms:
A. positive economic profits are being earned. B. firms will exit, causing the price to drop. C. firms will enter, causing the price to increase. D. None of these is true.
The notion of "purposeful behavior" in the economic perspective suggests that:
A. People will tend to stick with a particular choice for a long period of time B. Economic analysis will provide people with a single "right" way to behave C. Economists do not believe that people can sometimes behave impulsively D. One person's choice may differ from another's if their circumstances and information differ
Answer the following questions true (T) or false (F)
1. A complete circular flow of the economy includes both the government sector and the financial markets. 2. Net exports of goods and services is equal to imports minus exports. 3. If personal income is equal to $3,000 and consumers spend $3,600, the level of savings in the economy would $600.
An explanation for the "inverted U" is that increased industrialization and growth initially ________ the environment, and in the long run, environmental quality ________.
A. improves; improves even more B. degrades; continues to get worse C. improves; gets worse D. degrades; improves