The distribution of income in one nation can be illustrated by the
A) Laffer curve.
B) aggregate demand curve.
C) Lorenz curve.
D) Phillips curve.
Answer: C
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Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20ยข per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run? A) 0 B) 100 C) 50,000 D) There is not enough information to answer.
Economics is the study of how people:
a. vote for political leaders who decide what is to be produced. b. make choices to produce and consume goods and services. c. establish social institutions that maximize well-being. d. develop value systems that affect their consumption choices.
The Study of economics is primarily concerned with
A) Keeping private businesses from losing money B)choices which have to be made concerning the use of scarce resources. C)determining with most equitable distribution of societies output D)Demonstrating that capitalistic economies are superior to socialistic economies
A peace dividend
A. results from making the defeated enemy pay war reparations. B. never materialized after the Cold War. C. never materialized after World War II. D. results from the reduction in defense spending as a war is concluded.