Anything that has alternative uses has an opportunity cost and is, therefore, scarce.
a. true
b. false
Ans: a. true
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Which of the following statements is TRUE?
A) Perfectly competitive markets are efficient, but monopoly markets never are efficient. B) Perfectly competitive markets always reach equilibrium but monopoly markets never reach equilibrium. C) Perfect price discriminating monopolists can eliminate all deadweight losses and achieve efficiency. D) All the above statements are true.
National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.
When John's income was low, he could not afford to dine out and would respond to a pay raise by purchasing more frozen dinners. Now that his income is high, a pay raise causes him to dine out more often and buy fewer frozen dinners
Which graph in the above figure best represents John's Engel curve for frozen dinners? A) Graph A B) Graph B C) Graph C D) Graph D
The shortest term security sold by the US is the:
A. Treasury bonds. B. Treasury notes. C. certificate of deposit. D. Treasury bills.