Living in a world of scarcity involves trade-offs
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
If the price of a product is $12, its average total cost is $2 and its average total cost is $15 at the profit-maximizing output level, in the short run the firm:
A. should expand output until MR = MC. B. cannot cover total fixed costs. C. experiences a loss. D. must always shut down.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, Larry's opportunity cost of selling a truck is selling:
A. 10 cars. B. 1/2 of a car. C. 2 cars. D. 1 car.
When the nominal interest rate is ________ the equilibrium interest rate, the quantity of money demanded is less than the quantity of money supplied; when the nominal interest rate is ________ the equilibrium interest rate, the quantity of money
demanded exceeds the quantity of money supplied. A) equal to; less than B) less than; greater than C) greater than; equal to D) equal to; greater than E) greater than; less than
The place or point where independent systems or diverse groups interact is called the:
a. Interface b. Seam c. Subsystem d. Boundary