Which English colony was the first permanent settlement in America?
a. Roanoke
b. Plymouth
c. Jamestown
d. Mexico e. Quebec
c. Jamestown
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Economic profit provides an incentive for persons investing in human and physical capital to
a. undertake investment projects yielding an uncertain return. b. discover and develop beneficial (productive) investment opportunities. c. produce products that increase the value of resources. d. do all of the above.
Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $95 each, then at her profit-maximizing level of output, Sarah will earn a ________ of ________ per day.
A. loss; $100 B. profit; $15 C. loss; $15 D. profit; $285
If the two goods in an Edgeworth Box are perfect complements for one person and perfect substitutes for the other, then all efficient allocations are such that the first person has the same amount of good 1 as of good 2.
Answer the following statement true (T) or false (F)
The best example of a good sold in a monopolistically competitive market is
A) pizza. B) the local newspaper. C) sewer services. D) peaches.