All four market forms discussed in the text maximize profit where
a. P = MC.
b. AR = AC.
c. MR = MC.
d. MC = AR.
c
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Efficiency is an important social goal because:
A. movements toward economic efficiency make the total economic pie larger. B. it assures a normative outcome. C. it assures a fair outcome. D. it takes into consideration the distribution of income.
Other things constant, a decrease in the demand for hair dryers will
a. increase the price of hair dryers. b. increase the quantity supplied of hair dryers. c. increase the demand for hair dryer manufacturing workers. d. decrease the demand for hair dryer manufacturing workers.
The national income accounts include a value for the amount of capital stock “used up” during the production of current output. This dollar amount is called
A. appreciation. B. dollarization. C. amortization. D. depreciation.
Refer to the given information. The current account items for Zippo are:
The plus items below are "export-type" entries and the minus items are "import-type" entries in the balance of payments for the hypothetical country of Zippo.
A. 1, 2, 3, and 4.
B. 1, 3, 4, 5, 7, and 9.
C. 6 and 8.
D. 1, 2, 4, 7, and 9.