Most economic activity in the United States is carried out by monopolies.
Answer the following statement true (T) or false (F)
False
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Don is convinced that it would be best if the U.S. was on a gold standard. He enthusiastically reads any editorials or articles that confirm his view. He frequently dismisses editorials and articles that argue against the gold standard because he
presumes they are flawed or written by "crackpots.". Don's behavior most clearly illustrates which of the following systematic mistakes that people make? a. people are overconfident b. people give too much weight to a small number of vivid observations c. people are reluctant to change their minds d. All of the above are correct.
What will arise when negative externalities are present in a market?
a) Government will regulate the externalities in the market. b) Private costs will be greater than social costs. c) The market will not be able to reach any equilibrium situation. d) Social costs will be greater than private costs.
A payment for the use of any resource over and above its opportunity cost is called
A. accounting profit. B. normal cost. C. economic profit. D. economic rent.
Julio makes wine and beer. Last year he made 20 bottles of wine and 20 cases of beer. If the price of grapes goes down (making wine cheaper to make), Julio will be able to make the same amount of wine and more beer
a. True b. False Indicate whether the statement is true or false