The "rational terrorist" is one that
A. devotes scarce resources to achieving a goal.
B. weighs the costs and benefits of a goal.
C. has a political goal.
D. does all of the above.
Answer: D
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If a marginal cost pricing rule is imposed on the natural monopoly in the figure above, then the firm will
A) incur an economic loss. B) make zero economic profit, that is, its owners make a normal profit. C) make an economic profit of $4 million. D) make an economic profit of $16 million.
It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?
a. This loss of jobs has been detrimental to our economy. b. The government should provide subsidies to encourage more people to become farmers. c. The reduction in the number of farmers explains the increase in the price of food. d. This is progress because freed-up labor is used to produce other goods.
A method of measuring the money supply by looking at money as a medium of exchange is the
A. liquidity approach. B. transactions approach. C. fiduciary monetary system. D. capital control.
Diane Rae is a farmer in the perfectly competitive industry of sugar cane. She knows that she can sell more output than she currently does
a. only by lowering the price of her sugar cane b. only if she is able to drive out some of her competition c. without affecting the market price d. by raising the barriers to entry so that more of the market is left to those like herself who are already in the industry e. only if she can develop a patent on sales