If the market for roller blades is at a competitive equilibrium, and there are no external costs or benefits, then
A) marginal social benefit is equal to marginal social cost.
B) the sum of consumer surplus and producer surplus is maximized.
C) resources are being used efficiently.
D) All of the above answers are correct.
D
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The price elasticity of demand measures the extent to which the quantity demanded changes when
A) the price of the good changes. B) the price of a related good changes. C) the expected future price of a good changes. D) consumer preferences change. E) both the demand and supply of the good change.
________ predicts that real GDP per person can grow indefinitely
A) New growth theory B) Classical growth theory C) Profit growth theory D) Neoclassical growth theory
Which statement about the total variable cost curve is true?
a. It begins at the origin and increases before decreasing again. b. The total variable cost curve is the same at all levels of output. c. The total variable cost curve is increasing but at a decreasing rate. d. It begins at the origin and is always increasing. e. There is no such thing as a total variable cost curve.
The members of the Federal Reserve's Board of Governors
a. are elected to office by the public every fourteen years. b. are nominated by the U.S. Senate banking committee and confirmed by the U.S. house of representatives. c. are elected by bankers in each Federal Reserve Region. d. are appointed by the president of the U.S. and confirmed by the U.S. Senate.