Define the term economics
What will be an ideal response?
Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
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In 2012, Country X and Country Y had the same production possibilities, illustrated in the figure above. Country X chose to produce at point A, while country Y chose to produce at point B
In 2018, most likely, Country X will be at point such as ________ while Country Y will be at point such as ________. A) A; B B) B; A C) N; Q D) Q; N
Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.75 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 1?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 32,500
B) 36,000
C) 32,000
D) 30,100
All of the following would affect the position of a country's production possibilities curve, except:
A. technological progress. B. the amount of the capital stock. C. the quantity of labor. D. the level of unemployment.
Suppose that an economy wants to eliminate the resource waste associated with excess capacity in monopolistically competitive markets. Which of the following would achieve this goal?
A. Firms are required to charge the same price. B. Firms are allowed to establish significant barriers to entry. C. Firms are encouraged to produce less output. D. Firms are required to set price equal to marginal cost.