What is a firm? What other terms do economists use interchangeably with the term "firm"?
What will be an ideal response?
A firm is an organization that produces a good or service. Firms are also called companies or businesses.
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Refer to Table 22-1. Based on the table above, which country has a higher standard of living and why?
A) Ireland has a higher standard of living because growth in GDP is greater in Ireland than in Sweden. B) Sweden has a higher standard of living because their GDP is higher. C) Ireland has a higher standard of living because their GDP per capita is higher. D) Sweden has a higher standard of living because their GDP per capita is higher.
If real GDP is 100 in year 1, and grows at a rate of 3 percent per year for 9 years, what will real GDP be in 9 years?
What will be an ideal response?
Recall the Application about the merger of Sirius Satellite Radio and XM Satellite Radio to answer the following question(s).Recall the Application. After the merger of Sirius Satellite Radio and XM Satellite Radio, the new firm, Sirius XM, would be classified as a:
A. natural monopoly. B. monopoly, but not a natural monopoly. C. public utility. D. duopoly.
Otis transfers $200 from his savings account to his money market fund. This transaction will
A. decrease M2 and increase M1. B. decrease M1 and increase M2. C. decrease both M1 and M2. D. leave M1 and M2 unchanged.