According to Adam Smith, a person should never attempt to make at home
A. what it will cost him more to make than to buy.
B. everything one person needs to live.
C. what one doesn't know how to make.
D. any necessity of life.
Ans: A. what it will cost him more to make than to buy.
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Government intervention always reduces monopoly deadweight loss
a. True b. False Indicate whether the statement is true or false
Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The absolute value of the slope of the production possibilities curve between points A and B equals:
A. 1/3. B. 6. C. 4. D. 3.
The crowding-out effect is likely to be the strongest during periods of
A. recession. B. large budget surpluses. C. high employment. D. expanding money supply.
Refer to the below table. The marginal revenue product of the third unit of resource is:
A. $4
B. $8
C. $18
D. $72