The problem created by "scarcity":
A. is not a concern for the top income earners.
B. applies to everyone because in general resources are limited.
C. could be solved if more people worked overtime.
D. is an individual concern but not a concern on the macro level.
Answer: B
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Under perfect competition, the firm must decide
A) the best price to charge for its product. B) the best rate of output it should produce. C) the optimal level of advertising to engage in. D) the optimal level of quality and the packaging that will maximize profits.
To compare the GDP of countries with different currencies, it is necessary to convert to a “common denominator” often referred to as _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP
In an open economy, this country will ________ million bushels of corn.
A. export 600 B. import 150 C. export 300 D. import 600
In the United States, the average person mostly patronizes firms that operate in
A) perfectly competitive markets. B) monopolistically competitive markets. C) oligopolies. D) monopolies.