The primary goal of economics is to help people make money
a. True
b. False
Indicate whether the statement is true or false
False
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A recessionary gap develops: a. when actual output exceeds potential output
b. when resource prices are "sticky" upward. c. only when the economy is in recession. d. only when GDP grows by more than 4 percent. e. only when unemployment exceeds its natural rate.
Which of the following is true about vertical mergers?
a. It improves coordination among the individual firms in an industry. b. It is an agreement among firms to follow a common pricing policy. c. It increases the competitiveness of the merged firms. d. It increases the market power of the merged firms.
Which of the following conditions is most essential if a firm is going to earn long-run economic profits?
a. an inelastic market demand for the product b. a small number of firms, even though competitors are free to enter the industry c. a differentiated product d. restrictions that limit the entry of potential competitors into the industry
Which of the following is usually true about government-provided goods?
a. These goods have a zero opportunity cost. b. These goods are not scarce. c. People do not have to pay a fee to enjoy these goods. d. The invisible hand is at work to ensure these goods are provided in the market