Economics is best described as the
a. study of choice when scarcity exists
b. study of the production of goods and services
c. theory of consumer behavior
d. science of money
e. art of spending money wisely
A
You might also like to view...
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise
When a 2 percent increase in the price of automobiles generates a greater than 2 percent decrease in quantity demanded, then
a. price elasticity of demand for automobiles is less than one b. total revenue increases c. demand is price inelastic d. demand is unit elastic e. total revenue decreases
What is the shape of the AS in the short run and the long run?
a. AS is relatively flat in both the short and long run. b. AS is relatively flat in the short run, but steeper in the long run. c. AS is relatively steep in both the short and long run. d. AS is relatively steep in the short run, but flatter in the long run.
Frictional unemployment
a. would be eliminated if the economy were more stable. b. would be eliminated if the minimum wage were raised. c. is the result of workers' skills not matching the jobs available. d. is present even when labor markets are working well.