Refer to the information provided in Figure 26.5 below to answer the question(s) that follow.
Figure 26.5Refer to Figure 26.5. An increase in the Z factors shifts the ________ to the ________.
A. IS curve; left
B. Fed rule; left
C. Fed rule; right
D. IS curve; right
Answer: B
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The one characteristic that is not associated with a pure public good is
a. consumption of the good by one person doesn't prevent its consumption by others b. the market produces less than the socially optimal quantity c. no one can be excluded from consuming the good d. the good can only be produced by the government e. that even if one consumes more of it, there is still the same amount for others to consume
Which of the following equations represents consumer equilibrium?
a. MU1/P1 = MU2/P2 b. MU1/P2 = MU2/P1 c. P1/MU1 = P2/MU2 d. P1/MU2 = P2/MU1
Why does economic theory predict that a perfectly competitive firm will produce at the point where price equals marginal cost?
a. This point provides an efficient allocation of society's resources. b. This point results in zero economic profit. c. This point maximizes profit for the firm. d. This point will minimize ATC for the firm.
An example of a public transfer payment is a(n):
a. Veteran's benefit payment b. Airline pass giving price discounts to senior citizens c. Monthly subsidy from home for a university student d. Gift of land from a wealthy relative