Suppose the adoption of a new software reduces the marginal cost of publishing books. For a given demand curve for books, this will be represented by:
a. an upward movement along the supply curve of books.
b. a downward movement along the supply curve of books.
c. an upward shift in the supply curve of books.
d. a downward shift in the supply curve of books.
D
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Refer to Common Property II. If access cannot be prohibited, then users of the common property receive a surplus of
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. zero.
b. area I.
c. area F + G + H + I.
d. area A + C + F + I.
The newest fixed exchange rate system is the
A) European Monetary System. B) euro in the European Union countries. C) Bretton Woods system. D) gold standard.
An individual bank can create deposits to the extent of its __________.
Fill in the blank(s) with the appropriate word(s).
To an economist, the four factors of production are
A. Entrepreneurship, machinery, workers, and profit. B. Labor, workers, profit, and services. C. Land, labor, capital, and entrepreneurship. D. None of the choices are correct.