If an increase in income leads to a decrease in the demand for ground beef, then ground beef is a(n):
A. complementary good.
B. substitute good.
C. inferior good.
D. normal good.
Answer: C
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Refer to Figure 2-8. What is the opportunity cost of 80 dozen orchids?
A) 0 roses B) 2.5 dozen roses C) 40 dozen roses D) 200 dozen roses
Which of the following facilitates the movement of checks across the country?
a. Board of Governors b. Treasury Department c. Federal Open Market Committee d. Federal Reserve Banks e. Department of Commerce
A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost
a. True b. False Indicate whether the statement is true or false
Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to
a. care for resources and use them beneficially. b. innovate and introduce new products that are highly valued relative to their cost. c. produce goods efficiently. d. all of the above are correct.