Individuals must make choices because
a. resources are scarce and wants are limited
b. resources and wants are unlimited
c. assets and wealth are distributed unevenly
d. resources are scarce and wants are unlimited
e. inflation usually outpaces income growth
D
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For a single-price monopolist that is maximizing profit, the price is
A) less than marginal revenue. B) equal to marginal revenue. C) equal to marginal cost. D) greater than marginal cost.
Refer to Figure 4-12. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?
The level of potential GDP
A) increases as the real rate of interest decreases. B) increases as the real rate of interest increases. C) is unaffected by the real rate of interest. D) is represented on the IS-MP model by a horizontal line at the world real rate of interest.
Consumer surplus is equal to the
a. Value to buyers - Amount paid by buyers. b. Amount paid by buyers - Costs of sellers. c. Value to buyers - Costs of sellers. d. Value to buyers - Willingness to pay of buyers.