Faced with a hundred pounds of strawberries, the rational individual will eat:
A. all of the strawberries.
B. strawberries until the satisfaction from eating strawberries is maximized.
C. strawberries until the satisfaction from the last strawberry is maximized.
D. strawberries until the satisfaction from eating the last strawberry begins to fall.
Answer: B
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One of the elements of monopolization is
A) having a superior product or having a superior business acumen.. B) the possession of monopoly power in the relevant market. C) when only one firm exists in an industry. D) having a significant pricing power due to an accident in the relevant market.
The process of steady increase in the quantity and quality of goods and services the economy can produce is called:
A. aggregation. B. production. C. globalization. D. economic growth.
Exhibit 15-3 Balance sheet of Tucker National Bank Assets Liabilities Required reserves$ 20,000 Checkable deposits$100,000 Excess reserves0 Loans 80,000 Total$100,000 Total$100,000 Assume all banks in the system started with balance sheets as shown in Exhibit 15-3 and the Fed made a $100,000 open market purchase. The result would be a(n):
A. $500,000 expansion of the money supply. B. $100,000 expansion of the money supply. C. $20,000 contraction of the money supply. D. infinite expansion of the money supply.
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. Microland is currently operating at Point B. You correctly deduce that
A. Microland has recently experienced some type of technological breakthrough. B. Microland has overcome the problem of scarcity. C. Microland has achieved a position of inefficiency. D. in Microland, all resources are fully employed and there are no production inefficiencies.