What is a firm?
What will be an ideal response?
A firm is an organization that comes into being when an individual or a group of individuals decide to produce a good or service to meet a perceived demand. Most firms exist to make a profit.
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Wealth equals:
A. current income minus spending on current needs. B. investment minus saving. C. assets minus liabilities. D. saving minus investment.
When the production possibilities frontier bows outward from the origin
A) some of society's resources are unemployed. B) opportunity costs are constant. C) opportunity costs are increasing. D) opportunity costs are decreasing.
The recent increase in popularity of professional basketball has resulted in
a. a decrease in the price of tickets to basketball games b. an increase in the price of professional basketball tickets c. increased competition among pro basketball teams d. a rise in the price of college basketball tickets e. the bankruptcy of some pro basketball teams
Any rule that is used to make a choice is a
A. positive-sum game. B. zero-sum game. C. strategy. D. rational decision.