Perfectly competitive producers do not need to consider how their output levels affect price
Indicate whether the statement is true or false
T
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A government that uses a bureau rather than a private firm to provide some good or service
a. may have less opportunity for officials and legislators to reward friends and supporters with jobs b. will always incur higher costs of production c. will lose the ability to make decisions via the hierarchy of the market d. may be better able to control details of production e. will not be able to sell the good or service after it is produced
What is the unbalanced development strategy and how does this strategy create forward and backward linkages into the economy?
How do critics of discretionary stabilization policy view frequent changes in spending and tax policy?
a. The changes make the economy smoother, although it may not look that way to individual firms. b. The changes make life more difficult and hectic for Congress and the Fed. c. The changes smooth out the business cycle, making planning easier. d. The changes cause more instability in the economy and make planning more difficult.
Refer to Figure 7.5. Which diagram represents isoquants for a Cobb-Douglas production function?
A. A
B. B
C. C
D. D