All economic questions are about
A) how to make money.
B) what to produce.
C) how to cope with scarcity.
D) how to satisfy all our wants.
C
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The capital-output ratio is measured by dividing
a. the capital stock by labor b. output by the capital stock c. the capital stock by GDP d. the change in labor by GDP e. GDP by labor
A firm can choose a quantity of output, and the price is then determined by
a. the government. b. the supply schedule. c. consumers' demand. d. the average cost.
Which entity produces the greatest proportion of U.S. gross national product?
A) government B) non-profit organizations such as hospitals C) firms D) universities
Economies of scale means
a. average total cost rises as firm size and output increase b. average total cost falls as firm size and output increase c. small firms have a cost advantage over large firms d. monopolistically competitive firms charge less than a monopoly e. a monopoly makes more economic profit than a perfectly competitive firm