John Maynard Keynes referred to economics as an easy subject,
a. at which very few excel.
b. but not as easy as philosophy or the pure sciences.
c. which very few can enjoy.
d. which deals primarily with common sense.
a
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The decision to undertake product development in monopolistic competition is made by comparing the
A) marginal benefit of product development to the marginal cost of product development. B) average revenue of product development to the average total cost of product development. C) total revenue of product development to the total cost of product development. D) firm's expenditure on product development to expenditures by competing firms.
How does the Fed manage the federal funds rate?
Big Health Insurance Company believes it is facing an adverse selection problem. What does this mean?
a. Buyers have more information than the company about their own risk status. b. The company has only poor-risk customers selecting their policies. c. The company’s health policies are unappealing to customers, causing them to go elsewhere. d. Buyers have been changing their minds and switching from one kind of policy to another.
Figure 3-20
Refer to . At the equilibrium price, consumer surplus is
a.
$480.
b.
$640.
c.
$1,120.
d.
$1,280.