The supply for products that exhibit cost externalities is generally ________ the supply for products that do not
A) greater than
B) less than
C) the same as
D) greater or less (depending on the market) than
A
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Which of the following statements is FALSE?
A) A perfectly competitive market produces more output and charges a lower price than a monopoly. B) A perfectly competitive firm produces where MR = MC but a monopoly produces where MR > MC. C) In a perfectly competitive market, the price is equal to the marginal cost, but in a market with a single-price monopoly, price exceeds marginal cost. D) The consumer surplus is smaller for a market with a monopoly than for a perfectly competitive market. E) In the long run, a monopoly can earn a larger economic profit than can a perfectly competitive firm.
The average tax rate is calculated as
A) total income divided by the total tax paid. B) the change in income divided by the change in total tax paid. C) total tax paid divided by total income. D) the change in total tax paid divided by the change in income.
The fundamental identity of national income accounting implies ________
A) Expenditure = Production + Income B) Expenditure = Production = Income C) Income = Expenditure - Production D) Income = Expenditure / Production E) None of the above
A result of the Asian Crisis of 1997-1998 was
A. A major increase in the level of U.S. exports to Southeast Asia. B. Political stability in many Southeast Asian countries. C. An increase in the value of the U.S. dollar relative to Southeast Asian currencies. D. An increase in the value of Southeast Asian currencies relative to the U.S. dollar.