In 2009, the U.S. households had spent the majority of their personal income on:
a. nondurable goods.
b. savings and investment.
c. durable goods.
d. services.
d
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What are the major differences between the new HDI and the original HDI?
What will be an ideal response?
Consumers and firms are known as price takers only if
A) no market exists to determine the equilibrium price. B) they can set the market price. C) they cannot unilaterally affect the market price. D) excess demand exists.
Refer to the above figure. The long-run average cost curve and the long-run marginal cost curves represent
A) the cost curves for a competitive firm. B) the cost curves for a natural monopoly. C) a situation where a firm has control over the raw materials. D) a situation where a firm has a patent.
What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?
What will be an ideal response?