Economists normally assume that the goal of a firm is to (i) earn profits as large as possible, even if it means reducing output. (ii) earn revenues as large as possible, even if it means reducing profits. (iii) minimize costs, regardless of profits
a. (i) only
b. (i) and (ii) only
c. (ii) and (iii) only
d. (i), (ii), and (iii)
a
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What are the main components of money in the United States today?
What will be an ideal response?
Which researcher argues that the slave system and its enforcement mechanisms prevented slave individualism from emerging within the system itself?
(a) Robert Fogel (b) Stanley Engerman (c) Stanley Elkins (d) Kenneth Stampp
Social Security is
A) an insurance program operated by the federal government. B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement. C) a social insurance program that guarantees that an elderly person will never fall below the poverty level. D) an intergenerational transfer program that only vaguely relates to past earnings.
The law of increasing opportunity cost explains why the shape of the production possibilities curve is:
A. a straight line parallel to the horizontal axis. B. bowed inward (convex) to the origin of the graph. C. a straight line from one axis to the other. D. bowed out (concave) from the origin of the graph.