Economics is the study of the efficient use of scarce resources to achieve maximum satisfaction of economic wants.
Answer the following statement true (T) or false (F)
True
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Differentiate between the following
a) Normal goods and inferior goods b) Substitutes and complements
A firm will expand the amount of output it produces as long as its
A) average total revenue exceeds its average total cost. B) average total revenue exceeds its average variable cost. C) marginal cost exceeds its marginal revenue. D) marginal revenue exceeds its marginal cost.
If the interest rate is 5 percent (0.05) per year, what is the present value of $3,000 to be received two years from now?
a. $2,850.00 b. $3,000.00 c. $2,707.50 d. $2,721.09 e. $2,857.14
The idea of the life-cycle theory of consumption is that people make lifetime consumption plans.
Answer the following statement true (T) or false (F)