Unlike the revolutionary colonials, England had
(a) an organized army and navy.
(b) an abundance of resources.
(c) the means to finance the war.
(d) all of the above.
(d)
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The percentage change in one's real income can be approximated by the percentage change in
A. price level minus the percentage change in nominal income. B. nominal income minus the percentage change in the price level. C. nominal income divided by the percentage change in price level. D. price level divided by the percentage change in nominal income.
A monopolist maximizes its profit by producing the amount of output that sets
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) marginal revenue equals zero. D) price equals marginal cost.
The basis for trade is comparative advantage, not absolute advantage
Indicate whether the statement is true or false
Profit-related income does not play any crucial role in the workings of a market system
Indicate whether the statement is true or false