The Case in Point on the Simpsons indicated that time is:
A) a scarce resource.
B) a resource without alternative uses.
C) a ubiquitous resource.
D) not a resource.
Ans: A) a scarce resource.
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $13, Marko's will produce
A) 1 shirt. B) 2 shirts. C) 3 shirts. D) 4 shirts.
A recent study by economists at the Federal Reserve Bank of New York estimates that over the period from 1970 to 2013, the average college graduate earned ________ more per year than the average person who had only a high school degree
A) $5,750 B) 13,275 C) $23,500 D) $44,400
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Illegal activities in an economy are not included when calculating an economy's GDP
a. True b. False Indicate whether the statement is true or false