Economics is generally concerned with
A. the operation of banks and the stock market.
B. business management.
C. how resources are allocated among alternative goals.
D. the right time to start a business.
Answer: C
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The principles of comparative advantage and specialization only apply to trade between different nations
Indicate whether the statement is true or false
The figure above shows the market for brooms. Which of the following could lead to the production of fewer than 600 brooms?
A) a monopoly B) a deadweight loss C) subsidies D) an external cost E) a big tradeoff
The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 250 gallons of milk per day is ________
A) maximum; $3.25 B) minimum; $3.25 C) maximum; $2.50 D) minimum; $2.50
A firm in ________ will engage in ________ to try to earn an economic profit
A) perfect competition; advertising B) monopolistic competition; product differentiation C) perfect competition; price wars D) monopolistic competition; price wars