Scarcity means that society must make
a. goods
b. services
c. natural resources
d. output
e. choices
E
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The set of tangencies between isoquants and isocosts is the firm's
a. production function. b. returns to scale. c. output maximization curve. d. expansion path.
If the 4 largest cereal companies' total sales are $19 billion, and the industry's total sales are $55 billion then the Four-Firm Concentration Ratio is
A. 34.55%. B. 2.89%. C. 28.95%. D. 0.35%.
Which of the following is used to calculate the standard of living?
A) real GDP/population B) ((real GDP in the current year - real GDP in previous year)/real GDP in previous year) × 100 C) the one-third rule D) real GDP/aggregate hours
In 2005 hurricane Katrina devastated large portions of the Gulf Coast economy. Many refineries went offline disrupting oil refining and distribution. What do you think was a likely result?
A) the restricted supply constituted a cost push shock that would have shifted the long run AS curve to the right B) the restricted supply constituted a cost push shock that would have shifted the short run AS curve to the left C) the restricted supply constituted a cost push shock that would have meant an upward movement along the Phillips curve D) all of the above E) none of the above