Assuming labor is a variable input, an increase in labor productivity will result in
A. An upward shift in the ATC curve.
B. A downward shift in the production function.
C. A downward shift in the MPP curve.
D. A downward shift in the MC curve.
Answer: D
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The ability to produce a good or service at a lower opportunity cost than other producers incur is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
Harold has always driven cars made by Universal Motors. The last two Universal Motors cars that Harold purchased have had major engine problems resulting in Harold incurring significant cost. Consumer Reports has consistently given Universal Motors poor
ratings. Still, Harold plans to purchase another Universal Motors car next fall. Harold's behavior is an example of which systematic mistake that people make?
The view that the government budget should always be balanced except in wartime refers to:
A. the Ricardian equivalence. B. fiscal policy. C. public finance. D. sound finance.
One characteristic of indifference curves is that
A. they must intersect at the origin. B. they are straight lines. C. they have a positive slope. D. they cannot intersect.