Economics is the study of
a. scarcity under conditions of democracy
b. choice within a system of free speech
c. financial markets
d. the role of government in a market system
e. choice under conditions of scarcity
E
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A time-series graph
A) shows how a variable changes over time. B) uses bars rather than lines. C) shows points in a scatter diagram. D) is similar to a cross-section graph because both can show trends over time. E) is in the shape of a pie.
Which of the following is NOT one class of a market structure?
A. Perfect competition B. Monopolistic competition C. Monopoly D. Dictatorship
For a firm to become a monopoly in an industry
A) barriers to entry must exist. B) the firm must charge higher prices than its competitors. C) the firm must produce a product with the best quality. D) the firm will engage in unfair practices to drive all competitors out of the market.
People basically borrow in order to
A. have more funds. B. go into debt. C. have interest payments. D. have current consumption rather than waiting to consume in the future.