The result of market failure is waste or lost surplus.
Answer the following statement true (T) or false (F)
True
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By looking at the marginal cost and marginal revenue curves, you can find out
a. if this firm should shut down. b. if this is a profitable business. c. at what output the firm would maximize profits or minimize losses. d. All of these.
Which of the following will increase the natural rate of interest?
A) An increase in the saving rate B) A decrease in inflationary expectations C) An increase in government spending D) A decrease in the money supply
Per capita GDP measures both market and nonmarket production
Indicate whether the statement is true or false
Measured in 1990 dollars, the GDP per person of the world was $667 in 1820 . By 2003, the world's income per person had risen to
a. nearly $1200, almost twice the level of 1820. b. $2,422, almost four times the level of 1820. c. a little more than $3,600, approximately six times the level of 1820. d. $6,516, nearly ten times the level of 1820.