The figure above shows the costs for a grower in the perfectly competitive turnip market. If the price is $1,000 for a ton of turnips, the firm is
A) making an economic profit.
B) making zero economic profit.
C) incurring an economic loss.
D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.
C
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Members of the Food and Drug Administration (FDA) will tend to require more testing of proposed new drugs than is best from the point of view of people who use the drugs, because FDA members
A) identify themselves with the drug industry. B) have the technical knowledge to decide what is best for the users of drugs. C) are blamed if new drugs turn out to have damaging side effects but are not blamed for the lives lost or discomfort suffered because new drugs were not available sooner. D) pay for the testing from their own budget and consequently can do as they please.
What arguments suggest that an unequal wealth distribution is not a problem? What arguments suggest that an unequal wealth distribution is a problem?
What will be an ideal response?
Sam wants to trade eggs for sausage. Sally wants to trade sausage for eggs. Sam and Sally have a double-coincidence of wants
a. True b. False Indicate whether the statement is true or false
Unemployment data are collected
a. from unemployment insurance claims. b. through a regular survey of about 60,000 households. c. through a regular survey of about 200,000 firms. d. All of the above are correct.