Which statement best describes the two issues economists face when comparing the GDP of different nations?
a. The two issues economists face when comparing the GDP of different nations are natural resources and population.
b. The two issues economists face when comparing the GDP of different nations are natural resources and tax codes.
c. The two issues economists face when comparing the GDP of different nations are currency and natural resources.
d. The two issues economists face when comparing the GDP of different nations are currency and population.
d. The two issues economists face when comparing the GDP of different nations are currency and population.
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A change in the income of buyers will normally change demand.
Answer the following statement true (T) or false (F)
Economists believe that scarcity forces everyone to
a. satisfy all their wants b. abandon consumer sovereignty c. limit wants d. create unlimited resources e. make choices
When demand is unit elastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)
So long as a monopolist finds itself in the situation where price is greater than average fixed cost at the profit-maximizing (loss-minimizing) level of output, the firm should continue to operate to minimize its losses
Indicate whether the statement is true or false