Which event was most important in promoting the belief that the U.S. government should work to ensure economy-wide stability?
A) World War II
B) the Civil Rights Movement
C) the California Gold Rush
D) the Great Depression
D
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If a nation is currently operating at a point inside its production possibilities curve, it
A. is fully employing all of its resources. B. is operating beyond its possible capacity. C. is utilizing its resources efficiently. D. none of the choices are true.
Financial intermediaries are able to exploit economies of scale since
A) the equipment or expertise necessary for one transaction can be applied to other transactions. B) they have special licenses needed to perform financial transactions. C) financial markets fail to do so. D) they can reduce transactions cost, but not information costs.
Which of the following is not a characteristic of perfect competition?
A. Firms and consumers all have perfect information about the good and market. B. Sellers can enter the market easily. C. All goods sold are identical. D. All consumers have identical individual demand curves.
Which of the following is true if the total variable cost curve is rising?
a. Average fixed cost is increasing. b. Marginal cost is decreasing. c. Marginal cost is increasing. d. Average fixed cost is constant.