While it is not certain that U.S. leadership will continue into the next generation, the nation will continue to enjoy the abundance it has enjoyed in the past
a. True
b. False
Indicate whether the statement is true or false
False
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Monopolists can make an economic profit in the long-run because of barriers to entry
Indicate whether the statement is true or false
The nonhuman factors of production are
a. land and entrepreneurship b. capital and land c. capital and money d. money and land e. entrepreneurship and capital
Suppose farmers get together and decide to be less productive. They want to do this so that they can shift the supply curve of farm products leftward and raise the price. They must be assuming that the demand curve between the current price and the higher price is
A) inelastic. B) elastic. C) unit elastic. D) There is not enough information to answer this question.
If the average propensity to consume is initially 0.85, the marginal propensity to consume is 0.75, and real disposable income increases by $1000, the value of saving
A. increases by $250. B. decreases by $250. C. increases by $150. D. decreases by $150.