The real wage equals the nominal wage ________ the CPI, all times 100
A) plus B) divided by C) minus D) times
B
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The monopoly maximizes profit by setting
A) price equal to marginal cost. B) price equal to marginal revenue. C) marginal revenue equal to marginal cost. D) marginal revenue equal to zero.
Risk averse individuals will diversify their investments because this will
a. increase their expected returns. b. provide them with some much-needed variety. c. reduce the variability of their returns. d. reduce their transactions costs.
On a straight-line production possibilities frontier, which of the following is true?
a. The problem of scarcity does not exist. b. Resources are imperfect substitutes. c. Opportunity costs are constant. d. Technology is rapidly expanding. e. Some resources are not being used efficiently.
Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.