Answer the following statement(s) true (T) or false (F)
1. Economics is the study of the choices we make among our many wants and desires given our limited resources.
2. The main economic problem is that surplus causes us to choose from so many competing options that it is difficult to make the correct choice.
3. Every society, whether it is capitalistic, socialistic, and totalitarian, faces economic problems.
4. Economists assume that most individuals act as if they are motivated by an interest in making money.
1. True
2. False
3. True
4. False
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In the Harrod-Domar model, if the savings rate is 20% and the incremental capital output ratio is five, abstracting from depreciation, what is the implied growth rate?
What will be an ideal response?
The problem with the separation of ownership from control is that
A) the owner in a proprietorship may not always act in the profit-maximizing fashion because he or she may not have the experience or expertise that professional managers have. B) the managing partner of a firm may not always behave in the way that other managers would if they were the managing partners. C) the managers of the firm can make decisions that reduce the wealth of the owners while not reducing their own wealth. D) the owners of firms may not always know the best way to run a firm, yet they are the ones who elect the managers of the firm.
The market labor-supply curve is:
A. upward sloping. B. downward sloping. C. perfectly elastic. D. perfectly inelastic.
Expressly forbidding a person who is a director of one corporation to sit on the board of another corporation in the same industry is a provision of the ___________ Act.
Fill in the blank(s) with the appropriate word(s).