What is the main goal of most people in a nation that has a traditional economic system?
a. to make a significant profit
b. to produce weapons instead of consumer goods
c. to produce innovative new products that improve the quality of life
d. to survive and not starve to death
Ans: d. to survive and not starve to death
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Declines in business inventories enter national income accounts: a. negatively in the consumption category. b. negatively in the investment category. c. negatively in the net export category
d. positively in the profits category.
Refer to the graph shown. Assuming that the industry operates under conditions of perfect competition and that the firms seek to maximize profits, this firm will:
A. produce 1,200 square feet of construction in the short run. B. incur economic losses in the short run. C. produce 800 square feet of construction per month in the short run. D. produce 1,000 square feet of construction per month in the short run.