The demand for a resource is derived from the demand for the final product it helps to produce
a. True
b. False
A
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Long-run average cost is never greater than short-run average cost because in the long run,
A) capital costs equal zero. B) the firm can move to the lowest possible isocost curve. C) wages always increase over time. D) wages always decrease over time.
A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries. B) reduced or eliminated tariffs among member countries. C) reduced tariff rates only for the largest member countries. D) None of the above; there is no economic advantage to a trade bloc.
Which of the following is one common criticism of capitalism?
a. Poor product quality and little product diversity. b. Inefficiency of nationalized industries. c. Inability to adjust quickly to changing economic conditions. d. Inadequate environmental protection.
Big Bear Enterprises, which competes in a perfectly competitive market, is producing so that the point chosen along the production possibility frontier is socially preferred. Big Bear Enterprises has achieved which of the following?
a. Allocative efficiency b. Productive efficiency c. Economies of scale d. Long-run equilibrium