People who consent to bear costs for the benefit of others whom they do not know personally usually do so
A) because they are concerned about the welfare of society.
B) because they have been offered some benefit as an inducement.
C) only when they are compelled by force.
D) without calculating the costs to themselves.
B
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The difference between revenues and expenditures for inputs is known as
A. profits. B. debits. C. cash flow. D. net revenue.
In a short-run production process, the marginal cost is rising and the average variable cost is falling as output is increased. Thus,
A) average fixed cost is constant. B) marginal cost is above average variable cost. C) marginal cost is below average fixed cost. D) marginal cost is below average variable cost.
Economics is primarily the study of: a. human greed
b. how firms compete for profits in the marketplace. c. how limited resources are allocated to satisfy unlimited wants. d. how successful investors make money in the stock market.
Money that can be used to purchase capital goods is known as
a. financial capital. b. profit. c. liquid capital. d. interest.