It is possible to represent three dimensions on a two-dimensional graph by using
A. a contour map.
B. a razor blade.
C. curved lines.
D. All of these responses are correct.
Answer: A
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The standard way to measure the effect of debt in an economy is the stock of debt relative to the GDP
Indicate whether the statement is true or false
If expansion of an industry's output causes a downward shift of firms' average total cost curves,
a. each firm earns a long-run economic profit b. all of the following are correct c. there will be long-run economic profits d. it is a decreasing-cost industry e. it is an increasing-cost industry
Which statement is false?
A. Under the United States' economic system, most of the important decisions are made in the market place. B. In the United States' economy the price mechanism determines the answers to the United States' three basic questions-what, how, and for whom. C. Most economists would agree that the price system leads to a very efficient allocation of resources. D. None of these statements are false.
Largesse and Ginor are major producers of commercial aircraft. Which action indicates that the two firms are colluding?
a. Largesse has a binding contract with its main supplier of raw materials. b. Both firms benefit from economies of scale in their industry. c. Largesse has a binding contract with Ginor to restrict production. d. Both firms earn zero economic profits over the long run.