The problem of economic scarcity applies
A. only to nations with few resources.
B. to the economies of all nations, regardless of their levels of development.
C. only in countries with no markets to meet people's wants.
D. only in underdeveloped countries, because there are no productive resources in these nations.
Answer: B
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Average total cost is
A) total explicit costs divided by the quantity of output produced. B) total cost divided by the quantity of output produced. C) the change in fixed plus variable cost divided by the quantity of output produced. D) variable cost divided by the quantity of output produced.
Most immigrants to the U.S. in the 1980s and 1990s were from
a. Asia. b. Eastern Europe. c. Western Europe. d. Mexico and Latin America.
If the tax on each Snicker's bar is 10 percent of its price, than that tax is a
a. sales tax b. unit tax c. corporate tax d. progressive tax e. estate tax
The price elasticity for beef is -0.5. If price for beef in the market increases (by a small amount), beef producers can expect their total value of sales (total revenue) to:
a. increase b. decrease c. stay the same d. can't tell from the available information