A market is ________ when a small number of firms compete
A) a monopoly
B) perfectly competitive
C) monopolistically competitive
D) an oligopoly
E) either monopolistically competitive or an oligopoly
D
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The figure above shows the market for education, a good possessing an external benefit. In order to attain the efficient number of students, a government subsidy must equal ________ per student
A) $2,000 B) $8,000 C) $6,000 D) $10,000 E) $16,000
What are the types of institution banks used to conduct foreign business?
A) corporations B) central banks C) commercial banks D) agency offices, subsidiary banks, and foreign branches E) state-owned enterprises
If the production of capital goods is shown along the horizontal axis of a production possibilities curve, and the production of consumer goods is shown along the vertical axis of a production possibilities curve, and the economy desires to have a
rapid rate of economic growth, then the economy should produce at a point A) near the middle of the curve dividing resources equally between the production of consumer and capital goods. B) at a point near the vertical axis concentrating on the production of consumer goods. C) at a point near the horizontal axis concentrating on the production of capital goods. D) at a point inside the curve allowing the economy to adjust rapidly to changes in economic activity.
If total utility increases by smaller and smaller amounts as more units of a product are consumed, then marginal utility is:
a. decreasing and is a negative amount. b. decreasing and is a positive amount. c. zero. d. increasing and is a negative amount. e. increasing and is a positive amount.