A monopolist's profit is equal to (Price – Marginal Cost) × Quantity
a. True
b. False
Indicate whether the statement is true or false
False
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In equilibrium, the real value of household income must equal
A) the real value of output produced by firms. B) the real value of all expenditures. C) the sum of all goods produced in a year. D) net GDP.
Absolute advantage is the ability to produce:
A. more of a good than others with a given amount of resources. B. relatively more than any other good with a given amount of resources. C. a good or service at a lower opportunity cost than others can. D. more of a good at a lower cost.
Which of the following is not a characteristic of capitalism?
a. Private ownership of resources. b. Decentralized decision-making using markets. c. Representative democracy. d. Consumer sovereignty.
Money is the means of payment in the economy. Examples of money include
a. currency, checking account balances, and credit card limits b. ATM cards, checking account balances, and currency c. travelers' checks and credit card limits d. currency, stocks, and travelers' checks e. currency, travelers' checks, and personal checks