Perfectly competitive markets do not exist in the real world
Indicate whether the statement is true or false
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Economist Steve Landsburg has pointed out that Ebenezer Scrooge's change in behavior from miser to spender might actually be detrimental to the economy because
A) saving has to be greater than consumption for the economy to grow. B) Scrooge was happiest when he was saving money, and happiness is the key to economic growth. C) Scrooge's miserly saving helped contribute to the production of investment goods rather than consumption goods. D) Scrooge's consumption habits were more detrimental to the environment than were his earlier saving habits.
On a Phillips curve diagram, an increase in the rate of inflation and a decrease in the rate of unemployment, is represented by a (an)
If reckless drivers are more likely than safe drivers to buy automobile insurance, then a moral hazard problem has occurred
Indicate whether the statement is true or false
Dave recently began running his father's farm. Last year he took in $15,000 in sales revenue and paid $10,200 in out-of-pocket costs. He made an economic profit last year:
a. if his implicit costs were $3000. b. if his implicit costs were $4000. c. if his implicit costs were $5000. d. In both cases a. and b.