Economics deals primarily with the concept of _______
A. scarcity.
B. poverty.
C. change.
D. power.
Answer: A. scarcity.
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A perfectly competitive market is one in which:
A. fully informed, price-taking buyers and sellers easily trade a standardized good or service. B. fully informed, price-making buyers and seller easily trade a standardized good or service. C. uninformed, price-taking buyers and sellers easily trade a standardized good or service. D. uninformed, price-making buyers and seller easily trade a standardized good or service.
What is the total welfare from trade as shown in Exhibit 2?
a. + a
b. + d
c. a + b + c + e + f
d. a + b + c + d + e + f
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 20 units of output, what is estimated average variable cost (AVC)?
A. $19.40 B. $67.40 C. $179.40 D. $171.40
The stagflation of the 1970s is generally attributed to
a) the Cold War arms race b) the introduction of large-scale computer systems into business c) the opening of US markets to Japanese automobiles d) increases in oil prices e) changing cultural values regarding work and leisure