In the short run,
a. all inputs are fixed.
b. all inputs are variable.
c. some inputs are fixed.
d. no production occurs.
c
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Which two of the Ten Principles of Economics are illustrated in this chapter?
a. A country's standard of living depends on its ability to produce goods & People face tradeoffs. b. Prices rise when the government prints too much money & Governments can sometimes improve market outcomes. c. Governments can sometimes improve market outcomes & People face tradeoffs. d. People face tradeoffs & Prices rise when the government prints too much money .
Consider a setting in which there is a negative externality, but no positive externality. The market outcome is __________________; government can bring about the ___________________ outcome if it sets a tax equal to the __________________
A) efficient; inefficient; MSC B) efficient; inefficient; MEC C) inefficient; efficient; MEC D) inefficient; efficient; MPC E) inefficient; efficient; MSB
An increase in supply of a product results when:
A. taxes on the product are increased. B. the companies that produce the product have higher materials costs. C. technological innovations are introduced in the manufacturing process. D. the government reduces subsidies on the product.
The word "util" has been used by economists in the past as an objective measure of utility. Today economists believe that
A) utility cannot be measured objectively. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively. D) the util truly is an objective, rather than a subjective, measure of utility.