Saving is a(n) ________ and wealth is a(n) ________.
A. asset; liability
B. flow; stock
C. liability; asset
D. stock; flow
Answer: B
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According to Classical economists, investment is __________ related to the __________
A) directly; interest rate B) directly; level of GDP C) inversely; interest rate D) inversely; level of GDP
To an economist, a free rider is a person who
A) uses private goods without paying for them. B) benefits from consuming public goods without paying for them. C) consumes demerit goods. D) uses the public transportation system without paying for it.
If marginal revenue exceeds marginal cost, profit maximizers should:
a. reduce output until they are equal. b. increase output until they are equal. c. increase output until profits are zero. d. decrease output unless profits are zero. e. maintain current output.
Empirical studies suggest that when a large number of firms are present in a market, prices are usually ________ and profits are usually ________ than when there are only a few firms in a market.
A. lower; higher B. lower; lower C. higher; higher D. higher; lower