Which of the following sets of terms describes the problem of scarcity in economics?
A) goods, land, and needs
B) labor, needs, and opportunity costs
C) choices, opportunity costs, and trade-offs
D) production, consumption, and wants
C
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Research confirms that government provision of infrastructure:
A. promotes economic growth. B. increases human capital. C. leads to reduced spending on research and development. D. hinders economic growth.
The cross-price elasticity of demand for coffee and tea is likely to be
A) greater than zero. B) less than zero. C) zero. D) infinity.
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . At what price would the firm consider shutting down in the long run?
a. $10 b. $25 c. $65 d. $70
Government regulations:
A. always seek to increase competition. B. sometimes protect monopoly power in certain industries. C. never protect monopoly rights. D. usually are ineffective.