Over the most recent movements from cyclical peak to trough, 1990: Q3 to 1991: Q2, gross private domestic investment ________ approximately ________ percent
A) fell, 40
B) rose, 5
C) fell, 11
D) rose, 22
C
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If a perfectly competitive firm is producing 500 units and, at the 500th unit, the difference between marginal revenue and marginal cost (MR - MC) is negative, which of the following is true?
A) The 500th unit costs less to produce than the firm earns in revenue. B) The firm should decrease production to maximize profit. C) The firm is maximizing profit. D) The firm should increase production to maximize profit.
Asymmetric information is a situation in which ________ parties to a transaction have relevant private information that is ________ to the other parties.
A) all; unknown B) some; unknown C) some; known D) all; known
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. Will workers be better or worse off following the opening of trade with other countries?
a. Workers will be better off because the nominal wage increases. b. Workers will be worse off because the nominal wage decreases. c. Workers may be better off or worse off because the real wage in terms of the agricultural good rises and the real wage in terms of the manufactured good falls. d. Workers may be better off or worse off because the real wage in terms of the agricultural good falls and the real wage in terms of the manufactured good rises.
Assume there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is called:
A. Nonrivalry B. Nonexcludability C. Nontaxability D. Nondiscrimination