Refer to the diagram. Minimum efficient scale:
A. occurs at some output greater than Q 3 .
B. is achieved at Q 1 .
C. is achieved at Q 3 .
D. cannot be identified in this diagram.
B. is achieved at Q 1 .
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The principle economic cost of growth is
A. higher inflation rates. B. higher interest rates. C. investment in stocks and bonds. D. current consumption sacrificed for capital formation.
Why might the money price for something be higher than the opportunity cost? Why might it be lower? Give an example of each to illustrate your answer.
What will be an ideal response?
Dissaving occurs when
A. income is greater than saving. B. saving is greater than the interest rate. C. saving is greater than consumption. D. income is less than consumption.
A person's wealth is the same as his income
Indicate whether the statement is true or false