In 1980, the U.S. misery index was
a. much higher than average.
b. slightly higher than average.
c. about average.
d. below average.
a
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Refer to Resource Supply/Demand. The social gain from this resource being sold is
The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P0 and is providing the quantity Q0.
a. area A
b. area A + B
c. area A + B + C
d. area A + B + C + D
Individuals face scarcity; whole societies do not
a. True b. False Indicate whether the statement is true or false
If the nominal interest rate increases:
A. the velocity of money should decrease. B. the cost of holding money increases and the velocity of money should decrease. C. the cost of holding money decreases. D. the cost of holding money increases.
If firms are producing at a profit-maximizing level of output where the price is equal to the average total cost:
A. economic profits may be positive. B. economic profits must be zero. C. accounting profits may be negative. D. accounting profits must be zero.