Economists perceive a college applicant's grade point average and standardized test scores (such as SAT and ACT scores) to be rationing devices
Indicate whether the statement is true or false
True
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When a tax is imposed on a good, at the after-tax equilibrium the marginal benefit of the last unit produced ________ the marginal cost
A) equals B) is greater than C) is less than D) can be calculated but is not comparable to E) The premise of the question is incorrect because after a tax is imposed, it becomes impossible to determine the marginal benefit and the marginal cost.
The production function for Country A exhibits constant returns to scale. Suppose that physical capital per worker, human capital per worker, and natural resources per worker all triple. At the same time, Country A's technological knowledge doubles. Productivity a. does not change. b. is now two times larger
c. is now three times larger. d. is now six ties larger.
The typical monopolistic competitor
A. is a large firm. B. never uses price discrimination. C. always competes on the basis of producing a product that is physically different from those of its competitors. D. may compete on the basis of physical differences, convenience, service, and ambience.
For a commercial bank, the term "reserves" refers to
What will be an ideal response?