Which of the following statements is true?
A) A worker who shirks work is not an economic agent.
B) All economic agents are necessarily individuals.
C) A government is an example of an economic agent.
D) A street gang is not an economic agent.
Answer: C) A government is an example of an economic agent.
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Assume two firms have the same total costs of production. Firm A's average variable cost if $5 per unit and firm B's average variable cost is $7 . Both firms have an average total cost of $8
If the current market price is $6 and remains unchanged what action will both firms take in the short run and the long run?
Using the information contained in Situation 20-1, if planned investment decreases by $100, the equilibrium aggregate output will change by
A) -$1,000. B) $-100. C) $100. D) $1,000.
A competitive market is a market in which
a. an auctioneer helps set prices and arrange sales. b. there are only a few sellers. c. the forces of supply and demand do not apply. d. no individual buyer or seller has any significant impact on the market price.
Recent data and analysis confirms that minimum wage laws have significantly increased teenage unemployment.
Answer the following statement true (T) or false (F)