In economics, choices must be made because we live in a world of
A) unemployment. B) greed.
C) scarcity. D) unlimited resources.
C
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Following the Revolution,
a. America found itself outside the protection of the British empire. b. trade alliances with both Spain and France began to crumble. c. all American-built vessels were ineligible to trade with the British Empire. d. All of the above are correct. e. Only a and b are correct.
In the market for hardwood, everything else held constant, if the rate of interest increases:
a. the price of the hardwood will fall today. b. the lumberjacks will harvest fewer trees today. c. prices of boats and furniture will increase in the present period. d. the lumberjacks will harvest all the trees leaving nothing for the future. e. the price of the hardwood will fall in the future.
Firm managers should use inputs at levels where the:
A. Value marginal product of labor equals wage. B. Marginal benefit equals marginal cost and value marginal product of labor equals wage. C. Marginal benefit equals marginal cost. D. Price equals marginal product.
The Clayton Act exempted ________________ from prosecution under the Sherman Act.
Fill in the blank(s) with the appropriate word(s).