Economic historians have located evidence to suggest that colonists barely lived at subsistence levels
Indicate whether the statement is true or false
False
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An economy with only a domestic sector is called:
A) a mixed economy. B) an open economy. C) a closed economy. D) a command economy.
Unique Creations has a monopoly position in magnometers. If the marginal cost for a magnometer is $50 and the price elasticity for magnometers is -4, what is the optimal monopoly price?
a. $37.50 b. $41.25 c. $66.67 d. $75.00 e. $82.50
A market shortage is
A. A situation in which producers cannot sell all the goods and services that they are willing and otherwise able to sell. B. The result of a price floor. C. The amount by which the cost of production exceeds the price of a good. D. The amount by which the quantity demanded exceeds the quantity supplied at a given price.
In an hour Jane can solder 50 connections or inspect 20 parts while Jim can solder 25 connections or inspect 20 parts in an hour
A) Jane has a comparative advantage over Jim in both soldering and inspecting. B) Jane has a comparative advantage over Jim in soldering while Jim has a comparative advantage in inspecting. C) Jim has a comparative advantage over Jane in soldering while Jane has a comparative advantage in inspecting. D) Jim had a comparative advantage over Jane in both soldering and inspecting.