The basic economic problem of ________ has always existed and will continue to exist
A) scarcity
B) efficiency
C) inflation
D) recession
Answer: A
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Long-run economic profits are most likely to be earned in
A) perfect competition and oligopoly. B) perfect competition and monopoly. C) monopoly and oligopoly. D) oligopoly and monopolistic competition. E) perfect competition and monopolistic competition.
Exhibit 30-2
?
A. It is the quantity of output at which marginal social benefits (MSB) equal marginal private benefits (MPB). B. It is the quantity of output at which MPB > MSB. C. It is the market output-the quantity of output that exists if the external benefits associated with the positive externality are not taken into account. D. It is the socially optimal output-the quantity of output that exists if the external benefits associated with the positive externality are taken into account. E. none of the above
According to the Gordon-Growth model, what is the value of a stock with a dividend of $1, required return on equity of 10% and expected growth rate of dividends of 5%?
A) $2 B) $10 C) $20 D) $21
Net domestic product
a. represents total wages and salaries in an economy b. equals GDP minus indirect business taxes c. equals GDP minus capital depreciation d. equals C + I + G + (X – M) e. is the value of existing capital stock used up in making goods