Problems are most likely to arise when:
A. complete information is impossible to obtain.
B. people have good enough information to make acceptable choices.
C. one person knows more than another.
D. both parties lack the same information.
C. one person knows more than another.
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Total revenue is:
A. the amount that a firm spends on all inputs that go into producing a good or service. B. the quantity sold multiplied by the price paid for each unit. C. the quantity produced multiplied by the cost of producing each unit. D. the amount that an individual gets paid over a specified period of time, typically annually.
In a closed economy, national savings will be:
A. lower than private savings if the government runs a deficit. B. higher than private savings if the government runs a deficit. C. lower than private savings if the government runs a surplus. D. equal to private savings if the government runs a deficit.
The convergence hypothesis suggests that poor countries may close the income gap with rich countries
a. True b. False Indicate whether the statement is true or false
One person's use of common resources does not reduce the enjoyment other people receive from the resource
a. True b. False Indicate whether the statement is true or false