Economic growth is most likely to solve the problems of
A. environmental pollution.
B. world poverty.
C. emotional stress.
D. social alienation.
Answer: B
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In performing which of its primary functions does money solve the problem of the double coincidence of wants?
A) medium of exchange B) unit of account C) store of value D) barter system E) money supply
If one allows natural resources to be a factor of production, then it is possible to explain the Leontief Paradox for the United States on the grounds that U.S. imports are natural resource intensive
Indicate whether the statement is true or false
Capital accumulation in a market system results from:
A. Increased purchases of consumers or households B. The "invisible hand" that guides the market C. Dollar votes by entrepreneurs and business owners D. Consumer sovereignty that prevails in the market
In the long run, the main reason that a monopolist can earn positive economic profits while a perfectly competitive firm cannot is:
A. monopolists enjoy greater economies of scale. B. there are no barriers to entry in a perfectly competitive market. C. the monopolist faces an inelastic demand for its product. D. perfectly competitive firms face greater opportunity costs.