According to Chapter 1 of the Undercover Economist, David Ricardo's analysis of scarcity
A) Applies to land prices and rents in the 1800s but not to other items
B) Applies to all agricultural products and prices but not to other items
C) Applies to products with physical properties like corn but not to intangible services like health care
D) Applies to all kinds of products and services that Ricardo never imagined
Answer: D) Applies to all kinds of products and services that Ricardo never imagined
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In short-run equilibrium in perfect competition,
a. each firm's profit is measured by P - ATC b. each firm's profit is measured by ATC - P c. each firm's (economic) profit is positive d. the amount sold by existing firms at the market price is exactly equal to the quantity consumers demand at that price e. no firm wishes to enter the market
(I) In the 1960s and 1970s, most economists believed that there was a permanent trade-off between inflation and unemployment. (II) Today, most economists believe there is no permanent trade-off between inflation and unemployment
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
Which of the following would be likely to cause a nation's currency to depreciate?
a. an increase in foreign demand for the nation's products b. a lower domestic rate of inflation than that of the nation's trading partners c. higher domestic interest rates d. higher foreign interest rates
Which of the following is an example of a short-run decision?
A. A business consulting firm considering whether to open a new office in another city where many of its clients are based. B. An automobile manufacturing company considering whether to expand its existing workforce. C. A business consulting firm considering whether to hire new consultants, move to a larger space, and purchase additional equipment. D. An automobile manufacturing company considering whether to invest in robotic equipment to develop a more cost-effective production technique.