History suggests that economic competition is the most consistent force for economic growth and progress.
Answer the following statement true (T) or false (F)
True
A company has a much stronger incentive to innovate and to produce a better and cheaper product if it knows that its rival is trying to take its customers.
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Every society faces some basic economic choices such as
a. what quantities of goods and services to produce. b. which resources to use. c. who gets to have what share of the output. d. All of these.
It has been argued that a monopolistically competitive industry involves "waste" because
A. they end up producing to the right of the minimum of the average total cost curve and the price is below the marginal cost. B. the firms do not equate marginal cost to marginal revenue to find the profit maximizing price and output. C. there is too much product differentiation making shelves too crowded. D. the firms do not produce at the minimum of the average total cost curve and price is above marginal cost.
In the United States from 1981 to 2013, deaths from all of the following declined substantially except
A) heart attacks. B) kidney disease. C) cancer. D) strokes.
The exchange rate is
A) the price of one currency relative to gold. B) the value of a currency relative to inflation. C) the change in the value of money over time. D) the price of one currency relative to another.