Which one of these economists studied the relationship between income and food consumption?
a. Schumpeter
b. Friedman
c. Jevons
d. Malthus
e. Engel
E
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Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50, what is the firm's economic profit?
A) zero B) $2.50 per hour C) $12.50 per hour D) -$10.00 per hour
When households and businesses interact in product markets resources are
a. not exchanged b. flowing toward businesses c. flowing toward households d. not used at all e. flowing to both businesses and households
In a closed economy, public saving is the amount of
a. income that households have left after paying for taxes and consumption. b. income that businesses have left after paying for the factors of production. c. tax revenue that the government has left after paying for its spending. d. spending that the government undertakes in excess of the taxes it collects.
In a market system, resources will move away from an industry when:
A. Profits of firms in the industry are rising B. Demand for the industry's product is decreasing C. The production of output in the industry is rising D. Profits of firms in other industries are falling