Suppose a monopolist faces the demand curve shown below. 
This demand curve can be used to determine:
A. the impact of advertising on demand.
B. the monopolist's total revenue at different price and quantity combinations.
C. the total cost associated with producing different levels of output.
D. the marginal cost associated with producing different levels of output.
Answer: B
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One of the problems with the definition of economic growth is that
A) it overstates economic growth because it does not account for leisure time. B) it does not account for the distribution of income. C) it overstates economic growth because it does not account for the reduction in work time. D) it understates economic growth because it does not account for the reduction in work time.
Which of the following is infrastructure?
a. Highways. b. Bridges. c. Airports. d. All of these.
Returns to scale refers to
A. what happens to output when all inputs are varied in some proportion. B. what happens to output when all inputs are held fixed. C. the law of diminishing returns. D. what happens to output when at least one input is fixed and one is varied.
The concept of comparative advantage leads to the conclusion that:
A) beneficial trade takes place if one country can produce everything more efficiently than another country. B) trade will benefit the two countries if the relative costs of production differ in the two countries. C) benefits from trade are possible only if all tariffs are eliminated. D) everyone benefits from increased trade both in the short run and the long run.