Refer to the following graphs to answer the question below.
In which graph would the indicated shifts cause equilibrium quantity to definitely rise, but the effect on price is indeterminate?
A. graph (1)
B. graph (2)
C. graph (3)
D. graph (4)
Answer: A
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Before considering any public project, the government should (i) compare the total cost and total benefits of the project. (ii) conduct a cost-benefit analysis. (iii) infer that citizens who vote for a project are willing to pay equally for it
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
You run a small business producing picture frames. This month your total cost is $10,000, your variable cost is $5,000, and your output is 5,000 picture frames. Given this information, your:
A. average variable cost is $2. B. average total cost is $1. C. average total cost is $3. D. average fixed cost is $1.
At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)
A. A. B. B. C. C. D. D.
Which of the following is not one of the three principal components of a socialist economy?
A. Distribution is according to need B. Entrepreneurs are encouraged by the profit motive, rather than government directive, to satisfy consumer wants in the most efficient manner possible C. Government ownership of the means of production D. Workers directed by a government planning board as to where they will work and how much they will be paid