The amount that ________ have accumulated out of past income through saving and inheritance is wealth.
A. households
B. corporations
C. markets
D. governments
Answer: A
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Because monopolists charge a price in excess of marginal cost, it must be the case that monopolists:
A. produce more than the socially optimal level of output. B. earn a positive economic profit. C. produce less than the socially optimal level of output. D. earn a negative economic profit.
Based on Table 3.1, if the world price of computers is four pairs of shoes, then the optimal strategy for each country would be
A) to specialize in shoes. B) to specialize in computers. C) for Mexico to specialize in shoes, and the United States in computers. D) for the United States to specialize in shoes, and Mexico in computers. E) None of the above.
When the average price level falls, interest rates fall, which increases the consumption of certain goods and services. This sequence of events describes the _______ _______ _______.
Fill in the blank(s) with the appropriate word(s).
Suppose a firm can charge a relatively low price to try to compete actively with its rivals, or it can charge a relatively high, collusive price
If its strategy is to charge the low price regardless of the other firms' decisions, this low-price is the firm's A) dependent strategy. B) independent strategy. C) dominant strategy. D) positive sum strategy.