If there are negative externalities that spill across governmental borders, this provides a justification for _____
a. private action
b. larger governments
c. smaller governments
d. intergovernmental competition
b
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Use the following table to answer the next question.YearNominal Income (dollars)CPIReal Income (dollars)1$44,600130 2$48,200 $35,1833$51,000139 What is the value of real income in Year 1?
A. $343 B. $44,600 C. $57,980 D. $34,308
Assume a perfectly competitive firm is producing a level of output at which MR < MC. What will happen as the firm moves to its profit-maximizing equilibrium?
A) Marginal revenue will rise. B) Marginal revenue will fall. C) Marginal cost will rise. D) Marginal cost will fall.
The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another
a. True b. False Indicate whether the statement is true or false
If large sectors of American industry are not very competitive, then the _______________ does not work as well as it could if American industry operated under a more perfectly competitive system.
Fill in the blank(s) with the appropriate word(s).