Refer to the information provided in Figure 23.1 below to answer the question(s) that follow.
Figure 23.1Refer to Figure 23.1. This household consumes $2,000 at an income level of
A. $3,000.
B. $2,275.
C. $2,000.
D. $1,840.
Answer: A
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Economic growth occurs because
A) labor forces grow. B) capital stocks grow. C) new inventions raise productivity. D) All of the above.
When a U.S. importer needs $20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos
a. True b. False Indicate whether the statement is true or false
If the market price rises above $6.30, the firm will earn:
a. positive economic profits in the short run. b. zero economic profits in the short run. c. negative economic profits and shut down. d. negative economic profits in the short run but remain in business.
Which of the following is not a condition for perfect competition?
(A) Many buyers and sellers participate in the market. (B) Sellers are able to enter and exit the market freely. (C) Sellers offer a wide variety of products. (D) Buyers and sellers are well informed about products.