The primary objective of economics is
A) to learn how to create more resources.
B) to study how people make choices with limited resources.
C) to learn how to make the most profits with a given amount of resources.
D) to study why some people are never happy with the resources they have.
B
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The value of marginal product of labor is the increase in
A) revenue created by producing one more unit of output. B) revenue created by hiring one more unit of labor. C) total product necessary to make revenue increase by one dollar. D) total product generated by hiring one more unit of labor.
According to the quantity theory of money, inflation is caused by
A) the money supply growing faster than real GDP. B) GDP growing at the same rate as the money supply. C) the money supply growing slower than real GDP. D) GDP growing faster than the money supply.
A merger between two firms that produce identical goods would be called
A) a horizontal merger. B) a vertical merger. C) a Lerner merger. D) a duopoly.
Which United States President is most closely identified with the Great Depression?
a. Calvin Coolidge. b. Herbert Hoover. c. Franklin Roosevelt. d. Theodore Roosevelt. e. Richard Nixon.