Voluntary exchange is a change that makes
A. some people better off and nobody worse off.
B. nobody better off and nobody worse off.
C. everyone better off and nobody worse off.
D. some people better off and some people worse off.
Answer: A
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A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve
A) marginal cost and marginal revenue; marginal revenue B) marginal cost and marginal revenue; demand C) total revenue and total cost; total revenue D) marginal cost and average total cost; demand E) demand and supply; supply
The GDP is the value of all final goods and services produced
A. by domestically controlled companies.
B. by domestically owned companies.
C. by citizens of the country.
D. within a nation's boundaries.
Each of the following is an example of a financial intermediary EXCEPT a:
A. commercial bank. B. credit union. C. savings and loan association. D. bond market.
Economically speaking, which of the kinds of change below would be caused when fishermen along the coast of the Gulf of Mexico find that they have not caught nearly as many shrimp as the year before, due to an oil spill?
a. Movement along the supply curve b. Shift in the supply curve c. No change in supply or demand d. Shift in the demand curve