One flaw of pure capitalism is that a person who owns no resources could starve
a. True
b. False
A
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Refer to Table 18.1. The opportunity cost of a glove in Russia is
A) 1/8 of a hat. B) 1/3 of a hat. C) 3 hats. D) 8 hats.
The buyers pay the entire sales tax levied on a good when demand is perfectly ________ or supply is perfectly ________
A) elastic; inelastic B) elastic; elastic C) inelastic; inelastic D) inelastic; elastic
Suppose the market price exceeds the typical perfectly competitive firm's short-run average total cost. What will happen to this market in the long run?
a. The market demand curve will shift to the left as firms exit. b. The market supply curve will shift to the left as firms exit. c. The market demand curve will shift to the right as firms enter. d. Both the market demand and supply curves will shift to the left as firms exit. e. The market supply curve will shift to the right as firms enter.
Income is considered to be a
A) nontaxable stream of funds. B) flow. C) stock. D) resource.