Characteristics of the "invisible hand" concept include all of the following, except
A. Simple markets.
B. Individuals and firms pursue their own self-interest without any central direction or regulation.
C. A complete lack of government involvement in the economy.
D. All of the choices are characteristics of the "invisible-hand."
D. All of the choices are characteristics of the "invisible-hand."
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What happens to the absolute value of the marginal rate of substitution as you move down a convex (bowed toward the origin) indifference curve?
A) It could increase or decrease. B) It remains constant. C) It decreases. D) It increases.
An argument against increasing centralization in elementary and secondary education is _____
a. that it is anti-egalitarian b. that there are fewer administrators to oversee extracurricular programs c. that it results in less direct accountability to students and parents d. that socialization is a problem in large school districts
A firm's economic profits are given by
a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.
In a competitive market when there is no deadweight loss
A) consumer surplus is minimized. B) producer surplus is minimized. C) consumer surplus plus producer surplus is minimized. D) consumer surplus plus producer surplus is maximized.