Saving endangered species
A) benefits all people in society without any trade-off.
B) must involve the loss of another species.
C) may involve a trade-off in terms of the loss of other economic activities.
D) requires the government to list those species as common property.
Answer: C
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The law of diminishing returns begins first to affect a firm's short-run cost structure when
A) average variable cost begins to increase. B) marginal cost begins to increase. C) average cost begins to increase. D) average fixed cost begins to decrease.
If an increase in price causes total expenditure on a product to decrease, then the price elasticity of demand is: a. inelastic
b. elastic. c. unit elastic. d. zero.
Suppose the people of Rhodia spend $70 and save $30 for every $100 they earn. In this case, the marginal propensity to consume equals _____
a. 0.3 b. 0.7 c. 0.5 d. 0.8
In the long run, a monopolistically competitive industry is characterized by all of the following, except
A. firms earning zero economic profits. B. production that would exhibit lower costs per unit at higher output levels. C. an efficient use of resources. D. firms producing where price is above marginal cost.