Profit is the return to entrepreneurship
a. True
b. False
Indicate whether the statement is true or false
True
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Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.ECONOMICSABAB08024162182441232664080For OMICS, the opportunity cost of producing an additional unit of B is
A. 2/3 unit of A. B. 1/2 unit of A. C. 1 unit of A. D. 1/3 unit of A.
Discuss how economists calculate NI, PI and DI
The path of the game in Figure 8.11 will be:
A. Fred chooses a large quantity and Barney stays out. B. Fred chooses a large quantity and Barney enters. C. Fred chooses a small quantity and Barney stays out. D. Fred chooses a small quantity and Barney enters.
The law of demand tells us that people will buy less of a good if
A. the price of that good increases. B. every factor that can affect people's buying decisions changes. C. the prices of other goods increase. D. people's income decreases.