People:
a. tend to specialize in those activities in which their opportunity costs are minimum
b. tend to specialize in those activities in which their opportunity costs are maximum.
c. never consider opportunity costs while deciding which activities to specialize in.
d. consider only direct costs while deciding which activities to specialize in.
e. do not behave in their own self-interest.
a
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The above table gives the demand schedule for a monopoly. The demand is elastic at all prices between
A) $6 and $1. B) $5 and $1. C) $3 and $1. D) $6 and $4. E) $4 and $3.
Most economists agree that the government should use incomes policies to control inflation during peacetime
a. True b. False Indicate whether the statement is true or false
If the selling price falls and input costs are fixed, profit margins will increase
a. True b. False Indicate whether the statement is true or false
The actual control of the Federal Reserve System resides in the
a. Congress of the United States. b. member banks. c. Senate Banking Committee. d. Board of Governors.