Refer to the graph shown. The profit-maximizing monopolist would be:
A. making zero economic profits.
B. earning accounting but not economic profits.
C. making economic profits.
D. sustaining a loss.
Answer: C
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What best describes westward movement of population between 1800-1860?
a. The 1850s was the decade when the largest number of people moved to the west. b. The large increase in and sales in this period was based on speculation. c. Migrants moved to the west because they were "pushed" out of the east, where conditions were getting worse. d. Corn prices were relatively low in the decades when migration to the west was largest.
The chairman of the Federal Reserve:
A. is one of the most important economic positions in the United States, if not the world. B. has significant direct control over the conduct of monetary policy by the central bank. C. is appointed by the President and confirmed by Senate for a four-year term. D. All of these are true.
In Figure 30.2, unemployed labor at the equilibrium wage is equal to
A. 28 workers. B. 0 workers. C. 10 workers. D. 34 workers.
In a market system, ________ provide signals about whether resources are relatively scarce or abundant.
A. scientists B. buyers alone C. government officials D. prices