Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is
A) 0.30. B) 0.55. C) 1.20. D) 1.80.
Banks will be examined at least once a year and given a CAMELS rating by examiners. The L stands for
A) liabilities. B) liquidity. C) loans. D) leverage.
Which of the following is NOT an economic resource?
A) money B) low-skilled labor C) coal D) an engineer
Figure 10-4 shows the industry's supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2).
At S1, the firm is
a. preparing to shut down.
b. incurring losses.
c. earning zero economic profits.
d. earning economic profit greater than zero.