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
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Which of the following statements is true about the U.S. economy?
A) Each year, many new jobs are created, but few existing jobs are destroyed, and the unemployed find jobs quickly. B) Each year few jobs are created, and therefore it takes the unemployed a long time to find a new job. C) Each year, few new jobs are created, but few existing jobs are destroyed, keeping unemployment low. D) Each year, many new jobs are created and many existing jobs are destroyed.
According to the official U.S. threshold, 35 percent of Americans live in poverty.
Answer the following statement true (T) or false (F)
Which of the following is most accurate?
A. In all cases, competitive markets yield more consumer surplus than would be enjoyed in a monopoly market with the same cost structure. B. In all cases, competitive markets yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C. In some cases, competitive markets can yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. D. In all cases, competitive markets yield the same consumer surplus that would be enjoyed in a monopoly market with the same cost structure.
Under the Sherman Anti-Trust Act, it is illegal to
A. use monopoly power in one market to foster a monopoly in another. B. innovate in such a way that others cannot keep up. C. charge high prices. D. successfully undercut a competitor's price.