Economics
A) is a social science.
B) is concerned with limited resources.
C) is concerned with unlimited wants.
D) All of the above are correct.
Answer: D
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In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is
A) $100. B) $70. C) $30. D) $130.
Mark and John are 10-year-old twins who do not get along. They have opened separate lemonade stands and are competing with each other, selling lemonade on their block. Their mother observes that Mark is very good at making lemonade and John is an
excellent young salesman. She suggests they both could make more money if they worked together. John counters that two stands will always make more money than one. Who is right? Why?
Currencies that are not backed by precious metals of equal value are called:
a. Near money. b. Repurchase agreements. c. Eurodollars. d. Fiat money. e. Legal tender.
Which of the following statements about the elasticity of demand for a monopolist is TRUE?
A. Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic. B. Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero. C. A monopolist produces a good with demand that is perfectly inelastic because people can not do without the good. D. Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity.