Refer to the table below. If the firm shuts down in the short run, the total cost will be:
The table shows the total costs for a purely competitive firm.
A. $1,350
B. $2,500
C. $2,700
D. $3,100
B. $2,500
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Rapid economic growth is important because it
a. makes some people richer b. eliminates scarcity c. makes the unemployment rate zero d. allows the average person to consume more goods and services e. reduces interest rates
It is likely that for most people:
A. coffee and tea are substitutes. B. coffee and coffee mugs are substitutes. C. coffee and Coke are complements. D. coffee and non-dairy creamer are substitutes.
Economists use the terms neutral good and normal good interchangeably
Indicate whether the statement is true or false
Who made the campaign pledge, "Read my lips: no new taxes?"
A. Gerald Ford B. Second President Bush C. Ronald Reagan D. First President Bush