Which of the following statements is FALSE?
A. Wants are unlimited and include all material and nonmaterial desires.
B. Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
C. A good is anything that gives satisfaction or happiness to individuals.
D. Economic goods are available in desired quantities at a zero price.
Answer: D
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The proportion of Southern farms relying on slaves rose between 1840 and 1860 . Plus, the scale economies of slavery aggravated the chronic shortage of good Southern farmland
Indicate whether the statement is true or false
The marginal cost curve intersects the average variable cost curve at the _______ value of the average variable cost curve.
A) maximum B) minimum C) zero D) average
Which of the following would NOT encourage economic growth in the United States?
A. An improvement in shipbuilding technology that allows large cargo ships to be built at lower cost, reducing the cost of trading with other countries B. The development of a better Internet search engine C. A limit on the number of foreign citizens who are permitted to study in high-level research institutions in the United States D. The development of artificial intelligence, allowing computers to fill jobs formerly occupied by human beings
Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If MR = $5, then a profit-maximizing firm will produce ________ units and earn ________.
A. 12; positive profits B. 10; negative profits C. 0; negative profits D. 5; zero profits