A "rational terrorist" will react to the increased security at U.S. airports by
A. attacking U.S. airports.
B. attacking other targets that are as visible but less defended.
C. attacking other highly-defended targets.
D. ending all attacks.
Answer: B
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Which of the following exemplifies a microeconomic question?
A. Is the aggregate output in the economy greater this year than last year? B. What is the current national rate of unemployment? C. Is the economy experiencing a decline in the rate of inflation? D. Will a new type of electronic reader or tablet increase the number of buyers?
Efficiency is an important goal because when markets are efficient:
A. there are more resources available to achieve other goals. B. there is no need for government intervention in the economy. C. the poor benefit more than the wealthy. D. there is less income inequality.
Fine-tuning is most consistent with which school of economic thought
A. Keynesian or Modern Keynesian economics. B. Marxism. C. Monetarism or new classical economics. D. Supply-side economics or new classical economics.
Which of the following statements is true?
A. Diminishing marginal returns sets in after marginal product intersects average product B. Diminishing marginal returns means that in order to increase output at a constant rate, the firm must add larger and larger quantities of the variable inputs C. Diminishing marginal returns implies that there will never be increasing returns to scale D. Diminishing marginal returns implies that the firm's profits will be shrinking