The study of the efficient allocation of the scarce means of production toward the satisfaction of human wants defines ______________.
Fill in the blank(s) with the appropriate word(s).
economics
You might also like to view...
Which of the following is a service of depository institutions?
A) decreasing the liquidity drain of funds in the banking system B) monitoring the Federal Reserve C) pooling risk D) loaning funds to other depository institutions at the discount rate
Which of the following is not appropriate, if we live in a world of fixed exchange rates?
A) monetary approach to the exchange rate B) elasticities approach C) monetary approach to the BOP D) absorption approach
It costs firm A $800 to produce five radios and it costs firm B $500 to produce five batteries. If Firm A merges with firm B, it can produce both the five radios and the five batteries for $1000 . The firm has experienced
a. Economies of Scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)