A socially optimal public health policy should expand the proportion of the population vaccinated:
A. until the marginal benefit of an additional vaccination is greater than the marginal cost of an additional vaccination.
B. whenever the marginal benefit of an additional vaccination is positive.
C. until the marginal benefit of an additional vaccination equals zero.
D. until the marginal cost of an additional vaccination equals the marginal benefit of an additional vaccination.
Answer: D
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If a firm did not have any fixed costs at all, then the ATC curve would be
a. the same as the AVC curve. b. horizontal. c. positive and linear. d. none of these.
The price elasticity of demand for eggs is 0.27. Thus, 0.27 is the:
A. percentage change in the quantity demanded of eggs when the price of eggs increases by one percent. B. size of the shift in the demand for eggs when the price of eggs changes by one percent. C. size of the percentage change in the quantity supplied of eggs when the demand for eggs changes due to a price change. D. percentage change in the price of eggs when the quantity demanded of eggs increases by one percent.
Which of the following is not a role of the government in the economy?
a. Establishing and Enforcing the Rules of the Game. b. Limiting Competition c. Regulating Natural Monopolies d. None of the above are roles of the government in economic systems.
The three major economic questions concerning production of good and services must be asked because of ______.
a. surplus b. technology c. scarcity d. currency