The rationing or distribution of scarce goods requires that
What will be an ideal response?
goods be allocated in accordance with some criteria that discriminate between those who will and those who will not be able to obtain the good.
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The increase in spending that occurs because the demand for investment goods increases when the price level falls is known as the
A) price effect. B) international trade effect. C) wealth effect. D) interest rate effect.
In the short run, if marginal product is at its maximum, then
A) average variable cost is at its minimum. B) total cost is at its maximum. C) marginal cost is at its minimum. D) average cost is at its minimum.
For a firm that is a price taker in the market for labor, the marginal revenue product of labor equals the
A) marginal product of labor multiplied by the product price. B) marginal product of labor multiplied by the marginal cost of production. C) marginal product of labor divided by the wage rate. D) marginal product of labor multiplied by the wage rate.
As a scientist, an economist's main professional objective is to become wealthy
a. True b. False