The primary goal of any business firm is to maximize social welfare
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the table above. If government expenditure increases by $2,000 in the next year, ________, all other variables remaining unchanged
A) gross domestic product will increase to $404,000 B) gross domestic product will fall by $ 2,000 C) gross domestic product will fall to $400,000 D) gross domestic product will increase by $2,000
Low labor standards are usually associated with
A) nondemocratic governments. B) high-income countries. C) high-wage countries. D) low foreign investment.
First-degree and second-degree price discrimination are similar in each of the following ways except which one?
A) They both convert all possible consumer surplus into additional economic profit. B) In both practices, firms earn greater economic profit than if they charged a single price for every unit. C) In both practices, firms produce more than if they charged a single price. D) In both practices, consumers pay higher prices for the first units that they buy.
If the demand for baseball cards rises and the supply curve does not shift, then the price
a. will rise and quantity will fall b. and quantity will rise c. will fall and quantity will rise d. and quantity will fall e. will rise, but quantity may rise or fall