The boundary between the United States and Canada west of the Great Lakes is an example of a(n)
A) physical-political boundary.
B) geometric boundary.
C) mountain crest boundary.
D) administrative boundary.
Ans: B) geometric boundary.
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Scarcity applies to both the rich and the poor
Indicate whether the statement is true or false
In the long run, a firm in monopolistic competition will
A) make a negative economic profit, that is, an economic loss. B) make zero economic profit, that is, a normal profit. C) make a positive economic profit. D) None of the above answers is necessarily correct because the amount of the profit or loss depends on the slope of the demand curve.
If a resource is underemployed, it
a. is being used in production, but not in its most productive use b. is essentially unemployed c. is not considered a productive resource d. cannot be used as a factor of production e. must be a labor resource
Pat goes to the local electronics store to learn about high-end audio equipment. The salesperson spends an hour talking with Pat and demonstrating equipment. Pat then leaves and orders an audio system on the Internet for $250 less than the price at the store. Pat's behavior:
A. illustrates the free-rider problem. B. illustrates the problem of adverse selection. C. is illegal. D. is a form of statistical discrimination.