The price of one good produced by a multiproduct industry rises. For another good produced by that industry
a. the supply curve will shift to the left.
b. the supply curve will remain constant.
c. the supply curve will shift to the right.
d. the demand curve will shift to the right.
a
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Refer to Figure 22-1. Diminishing marginal returns is illustrated in the per-worker production function in the figure above by a movement from
A) C to D. B) D to C. C) B to C. D) A to C.
Which of the following statements is TRUE?
A) Free trade is beneficial only if your country is strong enough to stand up to foreign competition. B) Free trade is beneficial only if your competitor does not pay unreasonably low wages. C) Free trade is beneficial only if both countries have access to the same technology. D) Free trade is never beneficial for developing countries. E) Free trade can be beneficial to economic welfare of all countries involved.
Relative to fiscal policy, monetary policy
a. has fewer harmful side effects. b. requires much more time to implement. c. is more closely controlled by Congress. d. is much more independent of the political process.
Which of the following is the formula used for computing economic profits?
A. economic profits = total revenue - implicit costs B. economic profits = total costs - total revenue C. economic profits = total revenue - (implicit costs + explicit costs) D. economic profits = total revenue - explicit costs