ch1.What does the expression "There's no such thing as a free lunch" mean?
What will be an ideal response?
The use of resources to produce a good has an opportunity cost because of scarcity.
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Refer to the figure above. What is the consumer surplus before Lithasia opens up to free trade?
A) $3 B) $12 C) $18 D) $22
A growing consensus among economists is that ________ policy is better suited for controlling GDP because of the promptness of ________ in making policy decisions
A) monetary, the Federal Reserve B) monetary, Congress C) fiscal, the Federal Reserve D) fiscal, Congress
If an industry is dominated by three large producers whose revenues represent 30%, 30%, and 30% of the market's total revenues with the remaining two firms each representing 5%, what would be the four firm concentration ratio and the Herfindahl-Hirschman Index for this industry?
a. 95%; 2,725 b. 95%; 2,750 c. 70%; 9,975 d. 70% 10,000
If, at the current price, there is a surplus of a good, then
a. the quantity supplied is greater than the quantity demanded. b. the market must be in equilibrium c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.