A collection of assets is known as a(n):
A. asset-backed security.
B. portfolio.
C. derivative.
D. futures contract.
Answer: B
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If a firm's output more than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale. B) imperfect competition. C) intra-industry equilibrium. D) constant returns to scale E) decreasing returns to scale.
If the income elasticity of demand is 2, the good is
a. a luxury. b. a normal good (but not a luxury). c. an inferior good. d. a Giffen good.
Recycling in the United States in recent years
A. has decreased in spite of increased rates for common recycling materials. B. has remained unchanged, and increased rates for recycling may help. C. has increased with increased rates for recycling materials. D. has increased with no help from increased fees for recycling materials.
Figure 5-2
In Figure 5-2, consumer surplus is measured by the area
a.
ABC.
b.
OBCD.
c.
OACD.
d.
DCE.