Which of the following is most likely a quote from the economist John Maynard Keynes?
a. “[Economics] is a doctrine rather than a method, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
b. “[Economics] is neither a method nor a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
c. “[Economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
d. “[Economics] is both a method and a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
c. “[Economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
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Which statement is false?
A. The break-even point lies on the firm's short-run supply curve. B. The firm's short-run and long-run supply curves both run along the marginal cost curve. C. In the short run a firm losing money will operate if the price is between the break-even point and the shutdown point. D. The lowest price acceptable to a firm in the short run is at the break-even point.
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, what will ultimately happen if genetic testing for certain illnesses like Alzheimer's becomes more common?
A. Only the people who are at high risk for those diseases will purchase insurance against those illnesses. B. Only the people who are at low risk for those diseases will purchase insurance against those illnesses. C. The people who are at high risk for those diseases will decline insurance against those illnesses. D. Only the people who are at high risk for those diseases will be fired from their current jobs.
If a perfectly competitive firm is currently producing where P = MC and MC = ATC, then the firm will earn ________ profits.
A. above normal B. negative C. positive D. zero
Our balance of trade in services is _______ and our balance of trade in goods is ______.
A. negative; negative B. positive; positive C. positive; negative D. negative; positive