A decrease in the overall price level is known as
A. inflation.
B. deflation.
C. economic growth.
D. recession.
Answer: B
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Advocates of limiting anti-trust action to cases which would promote economic efficiency believe that
a. courts should consider the distribution of income between producers and consumers. b. the welfare of small firms should be a factor in pursuing anti-trust action. c. preventing mergers that would benefit consumers constitutes a misapplication of the law. d. more competition is always preferred to less.
When a negative externality exists, the private cost of production ________ the social cost of production
A) is greater than B) is less than C) eliminates D) is equal to
Using the data in the above table, which worker at Jefferson's Cleaners has the highest marginal product?
A) the second B) the third C) the fourth D) the fifth
Anything owed by a person or a firm is
A) wealth. B) a liability. C) an asset. D) owner's yield.