From a society's viewpoint, when all resources are fully employed, a decision to have more of one thing means we must give up some of another thing
a. True
b. False
Indicate whether the statement is true or false
True
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The actions of a miser benefit ____ and the actions of a philanthropist benefit ____
a. a select few; a wide range of individuals b. a wide range of individuals; a select few c. a wide range of individuals; a wide range of individuals d. a select few; a select few
In the long-run, a monopolist charges the same price as a perfectly competitive firm.
Answer the following statement true (T) or false (F)
The unemployment rate equals the number of persons
a. unemployed divided by the number employed. b. unemployed divided by the number in the labor force. c. unemployed divided by the population age 16 and over. d. not working divided by the population age 16 and over.
Collusion among sellers will be less attractive when
a. it is difficult to determine if some firms are providing secret price cuts. b. there are a small number of firms in the industry that are easily monitored. c. the demand for the product is relatively stable. d. the demand for the product is highly inelastic.