Economics is:
a. concerned with the problem of scarce resources combined with unlimited wants.
b. the study of how to make money in the stock market.
c. highly theoretical and has little practical application.
d. primarily concerned with day-to-day business decision making.
e. a decision making process involving individuals and firms rather than governments.
a
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Sumptuary taxes are often justified on the grounds that _____
a. bad activities should be discouraged b. the rich should pay more c. the poor should pay less d. merit goods need encouragement
Refer to the information below. If the firms compete, what is the equilibrium quantity in the market?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) 45,000 B) 500,000 C) 450,000 D) 50,000
An individual holds $1,000 in a non-interest-earning checking account, and the overall price level rises significantly. Other things being constant, we would expect
A. the individual's real wealth to decrease and consumption to decline. B. no change in the individual's real wealth but a decline in real national product. C. the individual's stock of real wealth to decrease but real national income to increase. D. the individual's wealth to increase.
Briefly describe the types of health care systems in Canada, Japan, and the United Kingdom
What will be an ideal response?