Economic systems differ according to which two main characteristics?

A. Who owns the factors of production and the methods used to coordinate economic activity.
B. The technology used in production and the quantity and quality of natural resources.
C. How goods are produced and who gets them.
D. The political system in place and the degree of scarcity facing the economy.

Answer: A

Economics

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Consider the utility function . Which of the following are true statements about the indifference maps represented by this function.

A.

MRS=-1 along the 45 degree line if and only if .

B.
MRS=-1 along a ray steeper than the 45 degree line if and only if .

C.
MRS=-1 along a ray shallower than the 45 degree line if and only if .

D.
All of the above.

E.
None of the above.

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Business cycles are officially dated by:

A) National Bureau of Economic Research, NBER. B) Bureau of Economic Analysis, BEA. C) Bureau of Labor Statistics, BLS. D) none of the above.

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The average fixed cost curve always has a negative slope because:

a. marginal costs are below average fixed costs. b. average variable costs exceed marginal costs. c. total fixed costs always decrease. d. total fixed costs do not change as output increases.

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Monopolies need some type of barrier to entry to keep potential competitors away.

Answer the following statement true (T) or false (F)

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