The problem that economists consider is how an individual
a. actor's preferences are formed.
b. actor decides to allocate scarce resources among competing ends.
c. firm decides on means for influencing its buyers preferences.
d. firm grows.
b. actor decides to allocate scarce resources among competing ends.
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Which of the following is the correct way to calculate the unemployment rate?
A. (unemployed/population) x 100 B. (unemployed/labor force) x 100 C. (labor force/unemployed) x 100 D. (labor force/population) x 100
John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his profit change?
a. Implicit costs fall. b. Explicit costs remain unchanged while implicit costs rise. c. Economic profit must fall. d. Explicit costs rise. e. Accounting profit will rise.
Which of the following is true?
a. In 1916, the per person real government expenditures were approximately 60 times greater than in 1800. b. Prior to 1929, government expenditures at the state and local levels were substantially smaller than federal expenditures. c. Real federal spending per person was approximately 80 times greater in 2012 than in 1916. d. All of the above are true.
If many sellers producing similar products enter the market, the demand curve for existing firms producing this type of product will ______.
a. become vertical b. become horizontal c. rise d. fall