Less-developed countries lack the economic, social, and technological infrastructure of a developed nation. a. Question 1 Marks: 1 Which of the following economic goals is a major one of command economies? B. Here are the questions. b. decision-making activities. The median is. ____ 26. b. 5 b. D. None of the above are true… d. The United States produces less than one-third as much as Japan does. a. Economics is the study of the logic of a. rational decisions. c. The United States produces less than half as much as China does. Which of the following definitions is correct? 4. information is scarce and therefore valuabe: Term. Which of the following is a true statement about the long run and the short run in economics?-The long run is the same amount of time for all firms.-The long run is not a specific period of time, as it will be different for different firms.-Costs that are fixed in the short run will also be fixed in the long run. A) Nominal GDP values production at constant prices, whereas real GDP values production at current prices. B) Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process. True False . a. ____ 18. ... An economic system in which a few large sellers control the majority of the market is called which of the following? Refer to Exhibit 3-2. Accounting profit + Economic profit = Normal profit. The United States has the world's third largest economy. Choose one answer. Which of the following is true of the Supreme Court case of Gibbons v. ... is a government system in which a leader or group of leaders seeks to control almost all aspects of social and economic life. The higher the marginal propensity to consume, the larger the multiplier. Which of the following statements is true regarding the data set 8, 8, 8, 8, and 8? True False . A. 3. ____ 17. C. Economic profit = Accounting profit - Implicit costs. 5 b. d. choosing options from those available. "Opportunity knocks but once." Any country that enjoys a high standard of living as measured by economic, social, and technological criteria is a developed nation. Which of the following quotations best captures the idea of opportunity cost? A. The range equals 0. b. Refer to Exhibit 3-2. The mode is. B. C) Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production. e. All of the above are correct. c. ends and means. a. libertarian b. republican c. constitutional d. totalitarian e. egalitarian 58. The lesson to this quiz isn't on my school website so I was wondering if someone could help me out. ANSWER: Exhibit 3-2 A researcher has collected the following sample data. True False . b. Economic profit -Accounting profit = Explicit costs. a. The United States produces nearly one-fifth of the world's production. 5 12 6 8 5 6 7 5 12 4. C. The smaller the multiplier, the more output rises as a result of increases in autonomous spending or investment. consumers need information to make good choices which of the following is correct regarding this information: Definition. ANSWER: 24. e. None of the above answers is correct. a. The standard deviation equals 0. c. The coefficient of variation equals 0. d. All of these choices are true. 5. Which of the following statements is true about the U.S. economy? True Consumerism is known as the efforts of individuals/groups trying to put the needs of the consumer in an equal or superior position to the needs of the producer. 6 c. 7 d. 8 e. None of the above answers is correct. The lower the marginal propensity to consume, the larger the multiplier. ____ 27. 23. D. Economic profit - Implicit costs =Accounting profits. a. freedom b. efficiency c. equity d. innovation Question 2 Marks: 1 Which of the following statements regarding command economies is FALSE?
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