Real GDP measures output of final goods and services in physical units
a. True
b. False
Indicate whether the statement is true or false
True
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What has been the trend in eliminating poverty since 1960?
What will be an ideal response?
Federal subsidies to higher education benefit
a. only the student b. only universities c. both universities and students d. neither universities nor students
Game theory is important for the understanding of
a. competitive markets. b. monopolies. c. oligopolies. d. all market structures.
Which of the following is true for perfect competition, monopolistic competition, and monopoly?
A. The product of all firms is homogeneous. B. Firms will earn zero economic profits in the long run. C. Short-run profits are maximized when marginal cost equals marginal revenue. D. Price is greater than marginal cost at the profit-maximizing quantity.