Which of the following businesses could easily exit a market?
a. a diamond mine
b. a hot dog restaurant
c. an oil refinery
d. a breakfast cereal company
Ans: b. a hot dog restaurant
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An opportunity cost is the highest valued alternative foregone whenever one chooses an alternative
a. True b. False Indicate whether the statement is true or false
One of the economic changes that has most dramatically reshaped the world is:
A. the rapid growth of China's economy. B. the rapid decline of Haiti's economy. C. the unemployment rate declining in the U.S. by 40 percent. D. the rapid growth of Italy's economy.
Recessions typically last longer than expansions
a. True b. False
Each Federal Reserve Note bears a seal placed to the left of George Washington on the $1 bill that identifies the
a. discount rate b. legal reserve requirement c. federal funds rate d. value of M1 e. District Bank that issued it