Which of the following statements about markets and industries is TRUE?
A.A market includes buyers but not sellers.
B. An industry includes buyers but not sellers.
C.A market includes sellers but not buyers.
D. An industry includes sellers but not buyers.
D. An industry includes sellers but not buyers.
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If the educational attainment of a nation's population increases, the economy's production possibilities curve shifts inward
a. True b. False Indicate whether the statement is true or false
Which of the following might be a goal of a union?
a. increasing the size of the union b. increasing the income while holding the size of the union constant c. increasing both the size and income of the union d. all of the above
A profit-maximizing monopolist
a. is just as socially efficient as a perfectly competitive firm in allocating resources to production since she, too, seeks the largest return on his investment. b. produces an output level at which marginal utility exceeds marginal cost. c. produces more output than a perfectly competitive industry. d. always produces in the inelastic region of his demand curve.
The Consumer Price Index is
A. A measure of changes in the average price of consumer goods and services. B. A measure of changes in the average price of all goods and services. C. The impact felt by consumers who move into a higher tax bracket because of inflation. D. Used to measure the impact of business speculation on consumers.