Firms in long-run perfect competition produce at
A) increasing returns to scale.
B) decreasing returns to scale.
C) constant returns to scale.
D) no returns to scale.
C
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In an open economy, the price of a TV will be ________.
A. $175 B. $125 C. $275 D. $75
Joining the Eurozone meant that countries could have unlimited budget deficits.
Answer the following statement true (T) or false (F)
One major path that leads to growth in both developing nations (DVCs) as well industrially advanced nations (IACs) is that productive resources must be:
A. Increased at the same rate as the population grows B. Distributed more equitably across business sectors C. Reallocated to export industries D. Used more efficiently
Which of the following claims is true at each point along a price-consumption curve?
A) Utility is maximized but income is not all spent. B) All income is spent, but utility is not maximized. C) Utility is maximized, and all income is spent. D) The level of utility is constant.