When marginal product is rising
A) total product is falling.
B) marginal cost is falling.
C) marginal cost is rising.
D) average fixed cost is rising.
Answer: B
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The above table gives the demand and supply schedules for cat food. If the price is $3
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
The difference between adverse selection and moral hazard is that
A) moral hazard happens at the time parties enter into a transaction; adverse selection occurs after the transaction takes place. B) moral hazard is the motive that is behind one party entering into a transaction with another party. Adverse selection refers to the other party being harmed by the transaction. C) moral hazard refers to the likelihood that a transaction will lead one party to be better off at the expense of the other party to the transaction. Adverse selection refers to the consequences of the transaction after it has occurred. D) adverse selection happens at the time parties enter into a transaction; moral hazard occurs after the transaction takes place.
In order to smooth the influence of shocks throughout an economy, it is helpful for governments within a monetary union to have
A) ways to conduct fiscal transfers. B) seignorage. C) currency competition. D) monetary autonomy.
Scarcity arises because of
a. international trade disputes b. our unwillingness to share earth's bounty c. insatiable wants d. limited natural resources e. primitive technology