In economic terms, property means
a. everything an individual owns and the labor he/she provides
b. everything an individual owns but not the labor he/she provides
c. some things an individual owns and the labor he/she provides
d. some things an individual owns but not the labor he/she provides
Ans: a. everything an individual owns and the labor he/she provides
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According to economic theory, state governments
A) will be biased toward chronic budget deficits. B) will act in the public interest. C) will act in the national interest. D) will do all of the above. E) will do none of the above.
Ben is exhausting his money income consuming products A and B in such quantities that MU a /P a = 5 and MU b /P b = 8. Ben should purchase:
A. more of A and less of B. B. more of B and less of A. C. more of both A and B. D. less of both A and B.
If a monopolist were to produce in the inelastic segment of its demand curve:
A. total revenue would be at a maximum. B. marginal revenue would be positive. C. the firm would not be maximizing profits. D. it would necessarily incur a loss.
Because economic profits are eliminated in the long run in monopolistic competition, to earn an economic profit firms continuously
A) shut down. B) exit the industry. C) innovate and develop new products. D) declare bankruptcy. E) decrease their costs by decreasing their selling costs.