By definition, economics is the study of
A) how to make money in a market economy.
B) the choices people make to attain their goals, given their scarce resources.
C) how to make money in the stock market.
D) supply and demand.
B
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Let S = y - (100 + 0.5y). Assume no government or foreign sectors. At the equilibrium level of income, y* = 800, the level of saving is
A) 0. B) 50. C) 100. D) 300.
If an average cost pricing rule is imposed on the natural monopoly in the figure above, then the firm will
A) incur an economic loss. B) make zero economic profit, that is, its owners make a normal profit. C) make an economic profit of $4 million. D) make an economic profit of $9 million.
______________ is another term for perfect elasticity.
a. Zero elasticity b. Infinite elasticity c. Constant unitary elasticity d. Zero inelasticity
Welfare payments are an example of
A. a tax. B. interest payments. C. wages. D. transfer payments.