Which of the following firms is the closest to being a perfectly competitive firm?
a. the New York Yankees
b. Apple, Inc.
c. DeBeers diamond wholesalers
d. a wheat farmer in Kansas
d
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Give an example of a positive economic statement and a normative economic statement
What will be an ideal response?
If the economy is in a structural stagnation, it can be expected to return to its historical trend soon.
Answer the following statement true (T) or false (F)
People hold money as an asset rather than other assets because
A. it holds its value. B. it grows in value. C. there is no cost to holding money as an asset. D. it is highly liquid.
The Lorenz curve shows
A. the ratio of cash income to payments-in-kind. B. how poverty rates change over time. C. the degree of inequality in the income distribution. D. the percentage of population below the poverty line.