Use the economic way of thinking to answer the following question: Does a diabetic need insulin?
A) No
B) Yes, and therefore diabetics will always buy all what they need.
C) Probably, but diabetics often find substitutes for insulin in the real world.
D) Probably, but diabetics only care about the expected cost of insulin and ignore the expected benefits.
C
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Assume that a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly increases. Which of the following statements is not correct?
a. Existing firms will earn economic profits in the new long-run equilibrium b. Existing firms will increase output in the short run c. New firms will enter the industry in the long run d. Some resource suppliers to the industry will earn higher income e. The new long-run equilibrium price will exceed the original equilibrium price
The order of the steps in the accounting cycle includes:
a. Adjusted trial balance, financial reports, adjusting entries, trial balance b. Adjusted trial balance, adjusting entries, financial reports, trial balance c. Trial balance, adjusting entries, adjusted trial balance, financial reports d. Trial balance, financial reports, adjusting entries, adjusted trial balance
Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. The British experience with water privatization showed that:
A. a single firm providing water will be profitable, but two firms will not. B. two or more firms providing water will be profitable, but a single firm will not. C. it does not matter how many firms provide water, as none will be profitable. D. it does not matter how many firms provide water, as all will be profitable.
If C = 1,500 + 0.75Y and I = 500, then planned saving equals planned investment at aggregate output level of
A. 2,666.67. B. 8,000. C. 10,000. D. 20,000.