The basic economic problem is a situation of
A. limited incomes and unlimited choices.
B. limited resources and unlimited wants.
C. both limited resources and limited wants.
D. unlimited incomes and limited choices.
Answer: B
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The hypothesis that regulators eventually are controlled by the regulated firms and their special interests is the
A) share-the-gains, share-the-pains hypothesis. B) capture hypothesis. C) public interest theory. D) control-group hypothesis.
Microeconomics only looks at the behavior of one consumer or one firm in a market, while macroeconomics looks at the behavior of an entire industry or group of consumers
a. True b. False Indicate whether the statement is true or false
Monopolistic competition is characterized by
A. one firm selling several products. B. many firms selling the same product. C. many firms selling slightly different products. D. one firm selling one product.
Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B. b. Country A's productivity must have grown faster than country B's. c. Both of the above are correct. d. None of the above are correct.