Which of the following is the BEST example of a good that is nonrival and excludable?
A) a can of Mountain Dew
B) fish in the ocean
C) cable television
D) national defense
C
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If producing more output has no effect on average cost then
A) there are diseconomies of scale. B) there are economies of scope. C) there are diseconomies of scope. D) there are no economies of scale.
All else equal, forecasting your firm's demand is likely to be less profitable if any of the following are true except for which one?
A) It is difficult to obtain an accurate forecast of your firm's demand. B) Your firm experiences small fluctuations in demand. C) A change in your output level leads to a large change in the firm's marginal cost. D) A change in your output level leads to a small change in the firm's marginal cost.
Answer the following statements true (T) or false (F)
1. In the multiplier formula, 1/MPS equals the multiplier. 2. If the MPC is five-sixths, the size of the multiplier is 6. 3. If planned investment decreases, the multiplier will decrease the equilibrium income. 4. Various estimates of the multiplier for the U.S. economy place it between 2 and 3, depending on the level of employment. 5. The classical doctrine assumed that the normal equilibrium position for the economy was at full employment.
Team production is a limiting factor as a solution to incentive problems because:
A. some team members never get along. B. some team members may perceive the team leader to be a role model. C. some team members may choose to shirk and let the rest carry the load. D. the entire team may be inefficient.