When individuals increase their personal wealth through production and exchange, they
a. reduce the wealth of others.
b. must rely heavily on government intervention and regulation.
c. increase the wealth of others.
d. must be selfish and greedy.
c. increase the wealth of others.
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If two variables have the same rate of growth over the long run, their ratio will:
A) remain constant over the long run. B) initially decrease and then increase. C) decrease over the long run. D) increase over the long run.
Pakistan has developed a comparative advantage in the production of clothing. The source of its comparative advantage in this product is
A) a favorable climate. B) abundant supplies of natural resources. C) a large supply of unskilled workers. D) technology.
The airline industry is best classified as:
A) an oligopoly. B) a monopoly. C) perfectly competitive. D) monopolistically competitive
Where does a monopolistic competitive firm determine its quantity?
a. Price equals marginal revenue b. Price equals marginal cost c. Marginal revenue equals marginal cost d. Marginal revenue equals average total cost