The United States has the biggest national economy in the world solely because of the U.S. population.
Answer the following statement true (T) or false (F)
False
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Consumers derive consumer surplus whenever
a. the monetary value of total utility equals total expenditure b. the monetary value of total utility is greater than total expenditure c. the monetary value of total utility is less than total expenditure d. marginal utility is greater than total utility e. marginal utility is less than total utility
Perfectly competitive producers do not need to consider how their output levels affect price
Indicate whether the statement is true or false
Which of the following is NOT a possible solution to the problem of pollution?
A) converting a resource that is communally owned into a privately owned resource B) imposing a tax on polluters that is related to the amount of pollution C) regulating the amount of pollution that a firm can produce D) subsidizing the costs of production of activities that generate pollution
The total product curve graphically shows the:
A. Minimum level of output that can be produced by a quantity of a variable resource holding constant the quantity of other resources B. Minimum level of output that can be produced by a quantity of a fixed resource letting other resources vary C. Maximum level of output that can be produced by a quantity of a fixed resource letting other resources vary D. Maximum level of output that can be produced by a quantity of a variable resource holding constant the quantity of other resources