Refer to Figure 12-1. If the firm is producing 500 units
A) it should maintain its output to maximize profit.
B) it is making a profit.
C) it is making a loss.
D) it should increase its output to maximize profit.
A
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Potential GDP is always greater than real GDP in an economy
Indicate whether the statement is true or false
Which of the following sentences, based on the findings of neuroeconomics, is true?
a. Logical decision-making takes place in the limbic system. b. Emotional decision-making takes place in the prefrontal cortex. c. The prefrontal cortex confuses the logical side of the brain by bringing in emotions, and in some cases it takes over and demands immediate gratification. d. Adults have greater activity in their frontal lobes and lower activity in their amygdala than do teenagers. e. The amygdala takes a long-term perspective on the decision-making, looking at logical cost-benefit comparisons.
Marginal utility can fall even as total utility from the consumption of a good is rising
a. True b. False Indicate whether the statement is true or false
The U.S. president who referred to inflation as "public enemy number one" was
a. Richard Nixon. b. Gerald Ford. c. Jimmy Carter. d. Ronald Reagan.