Economics is the study of
A. how government officials decide which goods and services are produced.
B. the role of money in markets.
C. how to invest in the stock market.
D. how society uses limited resources.
Answer: D
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Refer to Scenario 11.1. Suppose Mariana purchases the needed land from Abe, Ben, Cat, and Don for the value she calculated the land to be worth, but Eva refuses to sell the land for the same price as the other 4 ranchers
What is the maximum amount Mariana would be willing to pay Eva for her land and still be willing to build the railway? A) $400,000 B) $1 million C) $1.4 million D) $3 million
Exhibit 30-4
?
A. P3 - P1. B. P4 - P3. C. P3 - P2. D. P2 - P1.
The social cost of a monopoly is equal to its
a. economic profit. b. fixed cost. c. deadweight loss. d. variable cost.
Which of the following is not a source of economies of scale?
A. Learning-by-doing. B. Labor specialization. C. Use of larger machines. D. Inelastic resource supply curves.