Which statement is true?
A. The economic problem is limited to poverty.
B. Scarcity is no longer an economic problem in the United States.
C. If we all had more money there would be less scarcity.
D. None of these statements are true.
D. None of these statements are true.
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Each step up the education ladder improves the incomes of white males but not of black males
Indicate whether the statement is true or false
An important difference between a perfectly competitive firm and a monopolist is that
a. the perfectly competitive firm tends to be larger b. only the monopolist attempts to maximize profit c. only the perfectly competitive firm maximizes profit d. the perfectly competitive firm faces a horizontal demand curve and the monopolist faces a downward-sloping demand curve e. only the monopolist maximizes profit at the quantity where marginal cost equals marginal revenue
(Consider This) Suppose that a new band, "Balin and the Wolf Riders," tries to sell its music on the internet. Economists would expect:
A. all of those enjoying the music to pay for downloads and compensate the band for its costs. B. some of those enjoying the music to "free ride" through illegal file sharing and digital piracy. C. government to tax those attempting to download the band's music. D. there to be no consumer surplus for those who download the band's music.
Since all costs are positive, then economic profit would always be smaller than accounting profit.
Answer the following statement true (T) or false (F)