In a graph with output in the Y axis and efficiency units of labor in the X axis, which of the following causes a rightward movement along the aggregate production function?
A) A decrease in the capital stock B) An increase in the total efficiency units of labor
C) An improvement in technology D) A decrease in the productivity of workers
B
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In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?
A) only monopoly B) only oligopoly C) perfect competition D) monopolistic competition E) either monopoly or oligopoly
Lagging variables are aggregate economic variables that
A) reach a peak after leading variables but before coincident variables reach a peak. B) reach a peak after coincident variables reach a peak. C) reach a peak two or more years after aggregate economic activity reaches a peak. D) are insensitive to business cycles.
Taxing the market for alcohol at the same rate as the market for juice will likely:
A. raise more revenue. B. cause more inefficiency. C. cause a very big reaction in terms of decreased quantity demanded. D. produce very similar results in terms of revenue and inefficiency because the rate is the same.
If an externality is created by a single person or firm, and affects only a single person or firm, then
a. it is referred to as a single externality b. the inefficiency caused by that externality may be resolved by those two parties c. the externality takes the form of a side payment d. Pareto efficiency is guaranteed e. fairness dictates that the externality be removed