A country can develop without a large natural resource base
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that a monopolist is producing an output level of 10,000 units. At that output level, both MR and MC equal $5, AR equals $7, and ATC equals $6. Which of the following statements is correct?
a. the firm is maximizing its total profit, which equals $10,000. b. total cost equals $60,000. c. total revenue equals $70,000. d. All of these.
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the point price elasticity of demand equals
A) -1.5. B) -0.67. C) -4. D) -2.5.
"Which came first, the chicken or the egg?" This question seeks to address the common fallacy of __________ in the context of correlation and causation.
A. reverse causality B. omitted variables C. linear relationships D. comparative analysis
During the 1970s, the inflation rate and the unemployment rate were inversely related
a. True b. False Indicate whether the statement is true or false