Individuals face scarcity; whole societies do not.
Answer the following statement true (T) or false (F)
False
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According to economic analysis, the optimal quantity of pollution exists at the point at which the
A) total benefit of pollution control is equal to the total cost. B) marginal benefit of pollution control is equal to the marginal cost. C) level of pollution is at zero. D) level of pollution is acceptable to the society.
Two countries will have zero incentive to trade if their production possibilities curves are parallel straight lines because
A. One country has an absolute advantage in the production of both goods, thus providing that country with no incentive for trade. B. The opportunity costs for both countries are the same. C. One country has a comparative advantage in the production of both goods, thus providing that country with no incentive for trade. D. An intersection of the two lines is not possible, and therefore a trade equilibrium is not possible.
Under a fractional reserve banking system
A. a bank's total reserves equal its total liabilities. B. a bank's total deposits (liabilities to the bank) exceed its reserves. C. a bank's vault cash is only a fraction of its net worth. D. a bank's liabilities are a small percentage of its loans.
Which of the following is true about the demand curve for a monopolistically competitive firm??
A. ?It is less elastic (steeper) than for monopoly, but more elastic (flatter) than for a perfectly competitive firm. B. ?It is less elastic (steeper) than the demand curve for either a monopoly firm or a perfectly competitive firm. C. ?It is more elastic (flatter) than the demand curves for either a monopoly firm or a perfectly competitive firm. D. ?It is less elastic (steeper) than for a perfectly competitive firm, but more elastic (flatter) than for a monopoly firm.