An import constitutes a

The short run is a

In Kansas, people who wish to hunt ring-necked pheasant are welcome to do so, but they have to hunt between certain dates, are allowed to shoot only males and can kill only four birds each day. By so doing, the state of kansas is trying to prevent the _____________.

The factors of production owned by households are

The World Trade Organization primarily creates ____ for international trade.

In the circular flow model, businesses

In _______ the owner(s) of the business is (are) responsible for all the debts incurred by the business and may have to pay those debts from his/her (their) personal wealth.

The economic basis for trade is

The most important member of the Federal Reserve’s Board of Governors is the

Table 1.1 Total Output (Q) Total Cost (TC) 0 1 2 3 4 5 6 7 8 1,000 2,000 2,800 3,500 4,000 4,500 5,200 6,000 7,000 Refer to Table 1.1. Marginal cost (MC) of the fifth unit of output is $___