The richest American is ______.
Fill in the blank(s) with the appropriate word(s).
Bill Gates
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In the long run, a perfectly competitive firm maximizes profit so P = MC = AC.
Answer the following statement true (T) or false (F)
The problems of asymmetric information exchange arise ultimately because
a. one party to the exchange possesses different information than another b. one party has more information than another c. one party knows nothing d. one party cannot independently verify the information of another e. information is scarce
When wages increase, the income effect ________ the supply of labor and the substitution effect ________ the supply of labor.
A. decreases; increases B. increases; decreases C. increases; increases D. decreases; decreases
If exports and imports:
a. are imbalanced, then a trade surplus exists b. are imbalanced, then a trade deficit exists c. are equal, then trade is balanced d. are equal, then the economy is unhealthy