________ is an example of a common pool resource
A) Food
B) Water
C) National defense
D) Wi-Fi
B
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Answer the following statement(s) true (T) or false (F)
1. In the long run, a competitive firm that experiences decreasing returns must earn negative profits after all factor shares are paid out. 2. Factors that are supplied relatively inelastically earn more rents than those supplied more elastically. 3. Both the competitive firm's demand curve for labor and the monopoly firm's demand curve for labor always slope downwards. 4. When production is subject to increasing returns to scale profit will be positive. 5. If demand for output rises, producers' surplus increases more for factors with elastic supply curves than for other factors.
By saying that MRS = MRT, an economist means that
A) for all goods, the value that society places on the last unit produced equals the cost of making that unit. B) for all goods, the value that a consumer places on the last unit consumed equals the value that all consumers would place on that unit. C) society is able to produce more output of one good without reducing the output of any other good. D) no other output mix is technically feasible.
When the Federal Reserve buys U.S. government securities on the open market, this tends to ____ bank reserves and ____ the money supply.
A. raise; raise B. lower; lower C. raise; lower D. lower; raise
The rate of return that financial investors require to hold a risky asset minus the rate of return on a safe asset is called the:
A. risk premium. B. real interest rate. C. nominal interest rate. D. discount rate.