Consumers should purchase quantities of a good to the point where MU > P
a. True
b. False
Indicate whether the statement is true or false
False
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A society is saving lives (productively) efficiently if
a. there are no unemployed resources in the health care sector b. there are no unemployed resources anywhere in the economy c. there is no way to save more lives d. there is no way to save more lives without sacrificing some other goods or services e. the opportunity cost of saving one more life is zero
Whether you are studying the money economy of the U.S., Pakistan, China, or the Federated States of Micronesia, for a good to serve as money anywhere, it has to provide three essential services. These are: a medium of exchange, a
a. measure of value, and be portable b. store of value, and be durable c. measure of value, and a store of value d. measure of value, and be portable e. store of value, and be portable
Last year Sam's Hamburger Shop paid all its expenses, including wages, salaries, rent, and all inputs. The $18,000 remaining last year was
a. interest b. NNP c. proprietor's income d. GDP e. NDP
If the quantity supplied is perfectly inelastic then quantity does not respond to price changes.
Answer the following statement true (T) or false (F)