Isocost lines
A) represent the combinations of inputs that have the same marginal cost.
B) represent the combinations of inputs that have the same total cost.
C) are the inverse of the isoquant lines.
D) represent supply and demand for inputs at a given cost.
B
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According to President Reagan’s Executive Order 12291,
a. economic criteria had to be met when reviewing any major regulation b. a major regulation was defined as one having an annual effect of $1 million or more c. only least cost is needed in evaluating major rules, with no consideration for maximizing net benefits d. incremental benefits of policy must be maximized, with no consideration for minimizing incremental costs
Which of the following are important for countries to promote with property rights and incentives if economic growth is to occur? i. specialization ii. saving and investment iii. increases in human capital iv. discovery of new technology
A) i, ii, iii and iv. B) ii and iii. C) iii and iv. D) ii and iv. E) i, ii and iv only.
If the demand for a product increases in an increasing cost industry, as the market adjusts in the long run:
a. price will rise. b. the firm's per-unit cost will increase. c. the firm's per-unit cost will fall. d. the market price will return to its initial position.
Which of the following government programs will create a surplus?
A. rent control B. the minimum wage law C. usury laws D. price controls on oil