The basic economic problem is:
a. inflation.
b. unemployment.
c. poverty.
d. scarcity.
e. lack of money.
d
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"Government should act to reduce poverty levels."
A) This statement is a normative statement. B) This statement is a positive statement. C) This statement is an example of the fallacy of composition. D) This statement is an example of the post hoc fallacy.
Perfectly competitive firms are price takers
Indicate whether the statement is true or false
When a firm is operating at its minimum efficient scale, its
a. short-run average total cost of production is minimized b. long-run marginal cost of production is minimized c. long-run average cost of production is minimized d. long-run profit is maximized e. profit is at a maximum
The cost disease of personal services stems primarily from the fact that
a. prices rise too slowly to provide public receipts. b. inflation has been with us since the early 1970s. c. personal service requires direct contact between producer and consumer. d. sellers of personal services have strong unions.