A normative economic statement can be proven either true or false
a. True
b. False
Indicate whether the statement is true or false
False
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If the good in the above figure is a normal good and income rises, then the new equilibrium quantity
A) is less than 300 units. B) is 300 units. C) is more than 300 units. D) could be less than, equal to, or more than 300 units.
Which of the following is not a characteristic of less-developed countries?
A. high rates of illiteracy B. high unemployment C. low infant mortality rates D. low savings and investment rates
For which of the following firms is patent protection of vital importance?
A) furniture producers B) software firms C) pharmaceutical firms D) auto makers
The return that the entrepreneur can obtain in the best alternative business is called the
A) normal profit. B) economic profit. C) marginal profit. D) marginal revenue.