Economics is a
A) hard science.
B) physical science.
C) natural science.
D) social science.
Answer: D
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During a time of high unemployment, a country can increase the production of one good or service
A) by using resources in the production process twice. B) without decreasing the production of something else. C) and must increase the production of something else. D) but must decrease the production of something else. E) but the opportunity cost is infinite.
If the price of oil rises, the
A) AD curve and the AS curve shift rightward, the price level rises, and real GDP decreases. B) AS curve shifts leftward, the price level rises, and real GDP decreases. C) AD curve and the AS curve shift leftward, real GDP decreases, and the price level rises. D) AD curve shifts rightward, real GDP increases, and the price level rises. E) AS curve shifts leftward, the price level rises, and real GDP increases.
Under perfect competition, the average revenue curve of the firm coincides with its average cost curve
a. True b. False Indicate whether the statement is true or false
A natural monopoly exists when
A. increasing marginal returns and the ability to obtain quantity discounts from suppliers leads to a single-firm industry. B. control of a key input leads to a single-firm industry. C. economies of large-scale production are substantial, leading to a single-firm industry. D. the government restricts entry that leads to a single-firm industry.