Household production is more likely to occur when
a. it requires many specialized resources
b. technology makes it more costly than market production
c. tax avoidance is desirable
d. less control over the final product is desirable
e. the opportunity cost of household production is high
C
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A depression is a particularly severe and protracted recession
Indicate whether the statement is true or false
When a perfectly competitive, well-functioning market is not in equilibrium:
A. total surplus is not maximized. B. there are no exchanges that can make some better off without someone becoming worse off. C. the market is efficient. D. All of these are true.
Microeconomics is concerned with:
a. some specific market in the economic system. b. the entire economic system. c. reducing national unemployment and inflation rates. d. what causes changes in the overall level of economic activity.
When country X imports goods from country Y,
A. only country X benefits. B. only country Y benefits. C. both country X and country Y benefit. D. neither country X nor country Y benefit.