Which of the following countries currently has the largest population?
a. India
b. Indonesia
c. Brazil
d. China
D
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The above diagram shows the cost curves for a perfectly competitive wheat farmer. At what price does the wheat farmer shut down?
What will be an ideal response?
Which of the following is a not direct result of scarcity?
A. Buildings in New York City are taller than buildings in Greenville, SC due to fewer acres of land per person. B. Due to high gas prices, Shana decides to trade her Chevy Tahoe for a Honda Accord. C. A college student misses a test review in order to sleep in. D. The total amount of air we can breathe as others draw breaths from that same air space.
As interest rates rise, more and more investments become profitable for a firm.
Answer the following statement true (T) or false (F)
The existence of economic profits in a perfectly competitive industry
A. will signal resources to flow into that industry. B. gives the investors in that industry a return on investment that just covers opportunity costs. C. indicates an inelastic demand for the industry's products. D. indicates that economic resources are being used efficiently in that industry.