When production reflects consumer preferences, ________ occurs
A) allocative efficiency
B) productive efficiency
C) equity
D) efficient central planning
Answer: A
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The marginal revenue curve of a competitive firm is
a. U-shaped. b. a ray from the origin. c. a horizontal line at the market price. d. downward sloping.
Start-up costs:
A. have no impact on the number of firms in an industry because they are sunk costs. B. are the one-time costs incurred when beginning the production of a new product. C. are inversely related to variable costs. D. are always greater than marginal costs.
Refer to Table 4-8. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 20,000 units of labor. C) surplus of 40,000 units of labor. D) shortage of 20,000 units of labor.
If the United States donates footballs to Japan, how is the transaction recorded on the U.S. balance of payments accounts?
A) Decline in merchandise trade; increase in financial account B) Decline in financial account; increase in merchandise trade C) Decline in net unilateral transfers; increase in merchandise trade D) Decline in merchandise trade; increase in net unilateral transfers