As the price of a product rises, the quantity supplied decreases
Indicate whether the statement is true or false
FALSE
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The Hound Dog Bus Company contemplates expanding its Virginia operations by offering service from Fairfax to Arlington. The total cost of the trip would be $120, of which $50 is fixed cost, which it has already paid. The firm expects to earn $60 in revenue from the trip. The Hound Dog Bus Company should
a. offer this service because it will earn a positive economic profit b. not offer this service because the marginal revenue is less than the marginal cost c. offer this service because the revenue exceeds fixed cost d. not offer this service because the total cost exceeds the total revenue e. offer this service because the added revenue exceeds the added cost of this service
Economic expansions in Germany and Japan would cause
A. the U.S. price level and real GDP to rise. B. the U.S. price level and real GDP to fall. C. the U.S. price level to rise and real GDP to fall. D. the U.S. price level to fall and real GDP to rise.
Since World War II, the U.S. economy has met its goals of full employment, price stability, and economic growth every year.
Answer the following statement true (T) or false (F)
Which of the following reasons for making drug sales illegal do economists generally endorse?
A. The harm they do to innocent victims. B. The harm they do to people who knowingly take them. C. The risks associated with selling them. D. The harm they do to people who knowingly take them and the risks associated with selling them.