It is possible to completely eliminate scarcity
a. True
b. False
Indicate whether the statement is true or false
False
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What kinds of economic activities are excluded from GDP? If GDP misses these things, then why do we use it?
What will be an ideal response?
Quickie Inc, a perfectly competitive firm, currently maximizes profit by producing 400 units of output. If its marginal cost is equal to $25 and its average total cost is $20, then how much is it earning in economic profit?
a. Economic profit is always equal to zero in perfect competition. b. $10,000 c. $8,000 d. $2,000 e. $4,000
In a small closed economy investment is $50 billion and private saving is $45 billion. What are public saving and national saving?
a. $5 billion and $45 billion b. -$5 billion and $45 billion c. $5 billion and $50 billion d. -$5 billion and $50 billion
If we consider the reality that each worker has different skills, then the production possibilities frontier
A. cannot be drawn, as too many variables would need to be taken into consideration. B. would display an increasing opportunity cost of a good as more of that good is produced. C. would display a decreasing opportunity cost of a good as more of that good is produced. D. would display a constant opportunity cost of a good as more of that good is produced.