If adopted by a firm, a labor-saving piece of technology is one that would:
A. decrease labor supply.
B. decrease labor demand.
C. increase labor supply.
D. increase labor demand.
Answer: B
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Increasing opportunity cost along a bowed-out production possibilities frontier occurs because
A) of inefficient production. B) of the scarcity of factors of production. C) of ineffective management by entrepreneurs. D) some factors of production are not equally suited to producing both goods or services.
To raise economic growth, a tighter fiscal policy should be accompanied by a ________ money supply in order to keep the ________ from falling
A) larger, output ratio B) larger, real interest rate C) smaller, output ratio D) smaller, real interest rate
Sales taxes are
A) assessed on the prices paid on a large set of goods and services. B) levied on purchases of a particular good or service. C) based on each individual taxpayer's income level. D) collected only by the U.S. government.
The shutdown point for a perfectly competitive firm is the
A. lowest point on the marginal cost curve. B. lowest point on the AVC curve. C. point at which a firm's long-run supply curve ends. D. lowest point on the ATC curve.