A tax on sellers will shift the
a. demand curve upward by the amount of the tax.
b. demand curve downward by the amount of the tax.
c. supply curve upward by the amount of the tax.
d. supply curve downward by the amount of the tax.
c
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If net foreign investment is negative, which of the following must be true?
A) Net exports are positive. B) Domestic investment must be greater than national saving. C) Private saving is greater than public saving. D) Capital outflows are greater than capital inflows.
Which of the following is a difference between a monopolist and a firm in perfect competition?
a. The marginal revenue curve is downward-sloping. b. Marginal revenue equals price. c. Economic profits are zero in the long-run. d. The marginal revenue curve lies above the demand curve.
Inefficiency can be caused in a market by the presence of
a. market power. b. externalities. c. imperfectly competitive markets. d. All of the above are correct.
The law of comparative advantage indicates that if a group of individuals wants to maximize their joint output, then each good should be supplied by
a. the person with the lowest wage rate. b. the low opportunity cost producer. c. the person with the most advanced technical knowledge. d. the person that can accomplish the task most rapidly.