Which product will have the most elastic demand curve?
A. Thread
B. Heating oil
C. A new automobile
D. Cigarettes
C. A new automobile
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Which of the following is NOT a barrier to entry for a monopoly to exist?
a. The critical resource is owned by a single company b. The costs of production make a single producer more efficient than many producers c. International trade agreements restrict production domestically d. The government grants exclusive rights to a single producer
When constructing economic models, economists are more concerned with
A) what people say than what they do. B) what people think than what they say. C) what people do than what they say. D) what people say than what they do or think.
At a point on a production possibilities curve, opportunity cost of more capital goods today is
A) fewer capital goods in the future. B) fewer consumer goods in the future. C) fewer consumer goods today. D) more unemployed resources in the future.
Fractional reserve banking began as a result of the search for additional profits
a. True b. False Indicate whether the statement is true or false