A brand name can affect a firm's
A) price elasticity of demand
B) average total cost curve
C) normal profit
D) balance sheet
A
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In an idealized laissez-faire world, the distribution of products is
A. the most efficient. B. the most fair. C. purely random. D. unpredictable.
An increase in the stock of capital in a society is called capital deepening
a. True b. False Indicate whether the statement is true or false
Economists face an obstacle that many other scientists do not face. What is that obstacle?
a. It is often difficult to formulate theories in economics. b. It is often impractical to perform experiments in economics. c. Economics cannot be addressed objectively; it must be addressed subjectively. d. The scientific method cannot be applied to the study of economics.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A would be using resources efficiently if it produced:
A. (500 iPods, 150 tablets). B. (500 iPods, 250 tablets). C. (500 iPods, 200 tablets). D. (500 iPods, 100 tablets).