Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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The demand curve for a good connects points describing how much consumers
a. actually bought at different prices during a particular period. b. actually bought at different prices in different periods. c. would have been willing and able to buy at different prices during a particular period. d. would have been willing and able to buy at different prices in different periods.
Rational ignorance refers to voter-citizens choosing to be uninformed about politics and government on an individual basis because
A) of apathy. B) of ignorance. C) of laziness. D) they believe the benefits of becoming informed are greater than the costs. E) they believe the benefits of becoming informed are less than the costs.
If two individuals have identical schooling, their incomes will be equal.
Answer the following statement true (T) or false (F)
To maximize profits, the monopolist should produce at which
A) MR = MC. B) MC intersects the demand curve. C) total revenue is maximized. D) total costs are minimized.