In a market system, what provides individuals the information needed to make decisions?
A) insurance B) government C) patents D) prices
D
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A nation will import a good if its no-trade, domestic
A) price is equal to the world price. B) price is less than the world price. C) price is greater than the world price. D) quantity is less than the world quantity. E) quantity is greater than the world quantity.
Of the following, which is the least likely to be an example of substitute goods?
A) beer and pretzels B) margarine and butter C) beef and chicken D) tea and coffee
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.
If the marginal product curve is increasing from workers 1-89 and then decreases steadily, crossing the horizontal axis at 190 workers, we know that
A) the total output curve increases from workers 1-89, decreases from workers 90-189, and becomes 0 at the 190th worker. B) the total output curve is increasing at an increasing rate from workers 1-89, then increases at a decreasing rate until the 190th worker, after which it decreases. C) the total output curve is increasing throughout, although at an increasing rate for the first 190 workers and at a decreasing rate after the 190th worker. D) diminishing marginal product sets in with the 190th worker.