Why is the use of theory and observation more difficult in economics than in sciences such as physics?
a) It is difficult to evaluate an economic experiment.
b) It is difficult to devise an economic experiment.
c) It is difficult to actually perform an experiment in an economic system.
d) It is difficult to collect sufficient data.
Ans: c) It is difficult to actually perform an experiment in an economic system.
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What would happen to the short-run and long-run aggregate supply curves if the capital stock grew and available supplies of natural resources expanded over the same period of time?
Which of the following is correct?
A. In the short run, if a firm chooses to produce no output (i.e. shut down) its total costs of production will equal its total fixed costs. B. If a firm decides to shut down, its short-run total costs will equal 0 C. As a firm increases output in the short run, the change in total costs is equal to the change in total variable costs. D. A firm minimizes its total costs of production when average variable cost is minimized. Reset Selection
The ways to look at revenue in a perfectly competitive market include ______ revenue, ______ revenue, and ______ revenue.
a. total, average, marginal b. partial, percentage, marginal c. total, partial, percentage. d. total, average, percentage
Mutual interdependence means that:
A. A firm's behavior is affected by other firms' actions B. A firm's profits are affected by other firms' entry or exit C. A firm's costs are affected by other firms' costs D. A firm's revenues are affected by other firms' demand for its product