Understanding economics would be helpful to which of the following individuals?
a. a college student planning her next semester courses
b. a fashion designer selecting fabric for a new spring collection
c. a restaurant owner deciding whether to expand his establishment's hours of operation
d. All of the above
d
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At long-run macroeconomic equilibrium, ________
A) an inflationary gap exists B) real GDP equals potential GDP C) a recessionary gap exists D) real GDP is less than potential GDP but is as close as it is possible to be
Marginal revenue for a monopolist is computed as
a. average revenue divided by quantity sold. b. average revenue times quantity divided by price. c. total revenue divided by quantity sold. d. change in total revenue per one unit increase in quantity sold.
Which of the three basic economic questions deals with choosing the correct mix of output?
A.) What to produce. B.) How to produce. C.) For whom to produce. D.) How much to charge.
Consumers are sovereign when
A. a few consumers exercise coercion on sellers and other consumers. B. they have the freedom to decide what they wish to purchase. C. they can prevent market failure. D. prices are decided by sellers.