Economists are very good at explaining how individual markets work. Economists are less successful at explaining
a. market pricing.
b. recessions and inflation.
c. central planning.
d. business firm profits.
b
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A nation that has invested more in the rest of the world than other countries have invested in it is called a
A) net lender. B) saver nation. C) creditor nation. D) debtor nation. E) net borrower.
If the selling price falls and input costs are fixed, profit margins will increase
a. True b. False Indicate whether the statement is true or false
Unemployment refers to a situation in which an individual: a. prefers part-time work rather than full-time work
b. has given up looking for a job because he is discouraged about his prospects. c. is looking for a job but is unable to find one. d. is jobless and also not looking for a job.
Malthus predicted that the power of population
a. was greater than the power of the earth to produce subsistence. His forecast was on the mark. b. was greater than the power of the earth to produce subsistence. His forecast was off the mark. c. was less than the power of the earth to produce subsistence. His forecast was on the mark. d. was less than the power of the earth to produce subsistence. His forecast was off the mark.