Unemployment:
A. causes the production possibilities curve to shift outward.
B. can exist at any point on a production possibilities curve.
C. is illustrated by a point outside the production possibilities curve.
D. is illustrated by a point inside the production possibilities curve.
Answer: D
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Product variety and information for consumers are gains from
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
If the isoquants in an isoquant map are downward sloping but bowed away from the origin (i.e., concave to the origin), then the production technology violates the assumption of:
A) technical efficiency. B) free disposal. C) diminishing marginal returns. D) positive average product.
The slope of the total revenue curve equals
a. marginal revenue, which equals price for a perfectly competitive firm b. marginal revenue, which is greater than price for a perfectly competitive firm c. marginal revenue, which is less than price for a perfectly competitive firm d. average revenue, which is greater than price for a perfectly competitive firm e. average revenue, which is less than price for a perfectly competitive firm
The simple deposit multiplier is
A) the reciprocal of the required reserve ratio. B) always 1. C) the same as the required reserve ratio. D) different from bank to bank even if the required reserve ratio is the same for all banks.