Most of the goods produced in an economy are ________
A) private goods
B) public goods
C) club goods
D) inferior goods
A
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What percentage of all banks in the United States belong to the Federal Reserve System?
A) 5% B) 38% C) 75% D) 90%
The Fed increases reserves if it conducts open market
a. purchases or auctions term credit. b. purchases but not if it auctions term credit c. sales or auctions term credit d. sales but not if it auctions term credit
Suppose a profit-maximizing firm in a perfectly competitive market is collecting $1,999 in total revenues. If the total cost of its fixed factors of production falls from $500 to $400, the firm will:
A. lower its price. B. earn smaller profits or larger losses. C. expand its output. D. earn greater profits or smaller losses.
Clark Industries currently spends 5 percent of its sales on advertising. Suppose that the elasticity of advertising for Clark is 0.25. Determine the optimal profit margin over price (P ? MC)/P.
A. 15 percent. B. 25 percent. C. 20 percent. D. None of the answers is correct.