Which of the following people came close to abolishing scarcity in their regions some years ago?
A) Major Kwame Kilpatrick in Detroit
B) President Bill Clinton in the U.S
C) Governor Sarah Palin in Alaska
D) All of the above.
E) None of the above.
E
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If workers and firms raise their inflation expectations
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) actual inflation will fall to match expected inflation. D) the short-run Phillips curve will shift upward.
The value of steel sold to an automobile producer is ________ directly included in the GDP because ________
A) always; it was produced during the current period B) never; to do so is to double count the value of the steel C) sometimes; the automobile may not be sold in the current period D) sometimes; the steel is sometimes not resold in the current period
A monopolist who is maximizing profits produces to the point at which
A) marginal cost and average total cost are equal. B) price, marginal cost and average variable cost are equal. C) price is greater than marginal cost. D) price is greater than average total cost.
At its long-run equilibrium level of output, the demand curve facing an individual perfectly competitive firm is tangent to its
a. total economic profit curve. b. long-run average cost curve. c. marginal cost curve. d. marginal profit curve.