Which of the following are signals to the owners of scarce resources about the best uses of those resources?
A. Economic indicators
B. The accounting cost of those resources
C. Government regulations
D. Profits of businesses
Answer: D
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If Project A has a cost of $5 and provides a benefit of $10, and Project B has a cost of $2 and provides a benefit of $4, then switching from Project A to Project B:
A) increases the net benefit by $3. B) increases the net benefit by $6. C) decreases the net benefit by $6. D) decreases the net benefit by $3.
When the price is $2
A. quantity supplied is greater than quantity demanded and, therefore, price must rise to get to equilibrium.
B. quantity supplied is less than quantity demanded and, therefore, price must fall to get to equilibrium.
C. quantity demanded is greater than quantity supplied and, therefore, price must rise to get to equilibrium.
D. quantity demanded is greater than quantity supplied and, therefore, price must fall to get to equilibrium.
Under the theory of rent-seeking, a monopoly will spend valuable resources to guarantee its monopoly position
Indicate whether the statement is true or false
All of the following are possible explanations for the fact that on average women earn lower wages than men in the United States except:
A. women are more productive than men on average. B. women enter and leave the labor force more frequently than men, causing them on average to have less experience and a lower productivity than men. C. women choose to work in low-wage industries. D. women are discriminated against in labor markets.