Equality means distributing society's resources in the most efficient manner
a. True
b. False
Indicate whether the statement is true or false
False
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Movements in GDP
A) differ greatly from movements in GNP. B) do not differ greatly from movements in GNP. C) are not allowed to differ at all from movements in GNP by definition. D) need to be inflation adjusted in order to match movements in GNP. E) are not relevant to an examination of national income.
Total costs increase from $1500 to $1800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. AC rise by $1.50 b. AC rise by $1.00 c. AC fall by $1.50 d. AC fall by $1.00
Which of the following would be most likely to have monopoly power?
a. a national florist b. an online bookstore c. a local restaurant d. a local electrical cooperative
Notice the situation that results when the price of coffee is $2 a pound. Which of the following would establish equilibrium?
a. Keep the price the same; increase the quantity supplied to 6,000 pounds.
b. Increase the price to $4; keep the quantity supplied the same.
c. Decrease the price to $1; decrease the quantity supplied to 2,000 pounds.
d. Increase the price to $3; increase the quantity supplied to 5,000 pounds.