Refer to the figure above. If the capital stock is fixed at $300, what is the investment in the economy?
A) $5,000 B) $6,000 C) $4,000 D) $7,000
C
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What is the basic task that economists expect the market to carry out?
A. Deal with the fundamental problem of scarcity B. Balance the government’s budget C. Lessen wants to the level of income available D. Meet all human wants
In many markets for personal services (such as shoe repair or lawn care) with low start-up costs,
a. production exhibits constant returns to scale b. economies of scale are exhausted rapidly c. economies of scale are exhausted slowly d. economies of scale are never exhausted e. there are only short-run costs, no long-run costs
As price increases, additional suppliers are willing to produce a commodity
a. True b. False Indicate whether the statement is true or false
The Bureau of Labor Statistics determines which prices are most important to the typical consumer by surveying consumers
a. True b. False Indicate whether the statement is true or false