Economists assume the central goal of any business is to:
A. minimize costs.
B. maximize market share.
C. maximize profit.
D. maximize revenues.
Answer: C
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The demand for money curve is drawn with
A) the interest rate on the vertical axis and the curve sloping down. B) the interest rate on the vertical axis and the curve sloping up. C) nominal Gross Domestic Product (GDP) on the vertical axis and the curve sloping up. D) nominal Gross Domestic Product (GDP) on the horizontal axis and the curve sloping down.
Nike is a firm in monopolistic competition. If Nike is earning an economic profit from new cross-training shoe, over time the demand for these shoes
A) increases as new firms enter the market. B) decreases as new firms enter the market. C) does not change as new firms enter the market. D) decreases as firms exit the market. E) increases as firms exit the market.
Recall the Application about the role of megacities in economic growth to answer the following question(s).According to the Application, who recognized that specialization of labor can generate higher productivity?
A. Adam Smith B. Karl Marx C. David Ricardo D. John Maynard Keynes
The maximum amount of a good that may be imported during a specified period of time is
A. an import quota. B. dumping. C. comparative advantage. D. an infant industry agreement.