An economy's resources:
a. include land, labor, capital, and entrepreneurial skills
b. are unlimited in a country like the United States.
c. are always efficiently utilized in wealthy nations.
d. consist of land, labor and capital, but not entrepreneurial skills.
a
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Refer to the scenario above. Suppose the interest rate is 5 percent. In this case, you will have ________ in your account after one year
A) $533 B) $546 C) $550 D) $580
Which of the following markets has a single firm?
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
Economic decision makers will continue to acquire information only as long as the expected additional benefit exceeds the expected additional cost of the information
a. True b. False
A government ban on a good that suffers from overconsumption may be ineffective if the:
A. likelihood of being caught breaking the ban is sufficiently high. B. likelihood of being caught breaking the ban is very low. C. punishment for breaking the ban is severe. D. public did not participate in setting the punishments.