The most basic investigative tool of economics is the
a. concept of scarcity.
b. mechanism of supply and demand.
c. coordination and trade syndrome.
d. inflation-unemployment trade-off.
e. regulation of business.
b
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Each of the following is an example of capital, except
A. an office building. B. gold. C. an assembly line. D. a computer system
Unemployment, at the aggregate level.,
A) is avoidable. B) is part of a well-functioning economy. C) is always a sign of market failure. D) would not happen with good policy.
Globalization does not mean:
A) the homogenizing of markets. B) when one product or one brand is sold in many different international markets. C) the increase in trade among nations. D) the establishment of manufacturing plants in more than one nation. E) the purchase of supplies from foreign firms.
What do economists call the sum of a firm’s fixed costs and its variable costs?
a. implicit cost b. total cost c. sunk cost d. marginal cost