Competition forces firms to produce and sell products as long as the ________ to consumers exceeds the ________ of production
A) marginal benefit; marginal cost
B) marginal benefit; marginal benefit
C) marginal cost; marginal cost
D) marginal cost; marginal benefit
Answer: A
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The total federal debt is equal to
A) the total value of all U.S. currency in circulation. B) the sum of all past deficits minus the sum of all past surpluses. C) the federal budget deficit minus the federal budget surplus. D) annual federal tax receipts plus annual federal expenditures.
How does an increase in the price level affect the aggregate quantity of goods and services demanded?
What will be an ideal response?
After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that the production possibilities frontier for that area temporarily
A) shifted inward, toward the origin. B) shifted outward, away from the origin. C) became flatter. D) became steeper.
Which of the following arguments is not used by promoters of globalization as one of the reasons why free trade and international investment result in higher standards of living?
a. Free trade helps developing countries. b. International organizations represent governments and people, not the interests of corporations. c. There is no convincing evidence that globalization occurs at the expense of the environment. d. There is no convincing evidence that globalization occurs by encouraging harmful labor practices. e. Globalization brings better cultural practices to countries that have obsolete cultural traditions.