According to Scenario 4-1, country C has net exports of:
a. zero.
b. $13 million.
c. $6 million.
d. ?$13 million.
e. ?$6 million.
e
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For a good to be scarce, it must be something that
a. has economic value. b. people find useful. c. is available only in limited quantities. d. All of these.
In the fooling model's AD/SAS/LAS diagram, short-run equilibria to the left of the LAS curve require the price level to be
A) above what workers expect. B) above what firms expect. C) below what workers expect. D) below what firms expect.
The law of increasing opportunity cost means that:
A) higher wages, rents, and interest will increase opportunity costs. B) opportunity cost will decrease the more you decide to produce more of one good along a production possibilities curve. C) opportunity cost increases when you produce more of one good while moving along a production possibilities curve. D) costs of production decrease at first, but then eventually rise.
In producing the efficient amount of a public good, government should take into account:
A. only the demand from high-demand consumers. B. only the demand from low-demand consumers. C. the horizontal sum of all individual inverse demand curves. D. the vertical sum of all individual inverse demand curves.