Scarcity:
a. is a problem only in the poorer countries of the world.
b. can be solved by rapid advances in technology.
c. is a problem that exists in every economy.
d. is not a problem for the very rich.
c
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In Germany the three largest banks or Grossbanken are
A) commercial banks. B) savings banks. C) cooperative banks. D) specialized banks.
Which of the following is NOT a practice that prevents risk-shifting by a borrower?
A) limited-liability ownership B) placing liens on collateral C) personal guarantees D) restrictive covenants
Long-run aggregate supply shocks are a source of business cycle fluctuations in ________
A) traditional Keynesian and new Keynesian theory B) new Keynesian and real business cycle theory C) real business cycle and traditional Keynesian theory D) traditional Keynesian, new Keynesian and real business cycle theory
Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number of Cakes Per DayTotal Cost Per Day0$1001$1802$2203$3004$4005$5206$660 If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $125 each, then at her profit-maximizing level of output, Sarah's profit will be ________ per day.
A. $105 B. $100 C. $625 D. $90