Consumer surplus is always the total area below the demand curve and above the price
a. True
b. False
Indicate whether the statement is true or false
True
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It is not uncommon for business professors to make a statement such as the following: "While economists are happy in their never-never land of economic theory, we business professors seriously study facts of the real world"
According to your textbook, the statement is A) generally true. B) misleading; even business professors rely upon theories to discriminate among and make sense out of the facts they choose to study. C) confused, because in actuality it is the business professors who are trapped in the never-never land of theory, while the economists seriously study real-world facts without using theories. D) false, because economics and business are one and the same discipline.
The table above represents five points on the production possibility frontier for the small country of Baca, which produces only rugs (measured in thousands) and wheat (measured in thousands of bushels): Does the production possibility frontier
demonstrate the law of increasing opportunity cost? How can you tell?
What are the two largest categories in federal government spending?
A. national defense and income security B. Social Security and income security C. national defense and Medicare D. Social Security and Medicare
___ is Delineating the steps involved in taking potential purchasers from unawareness of a product to readiness to purchase it
Fill in the blank(s) with the appropriate word(s).