The development of the polio vaccine would be considered a(n) _____________________ to society.
Fill in the blank(s) with the appropriate word(s).
external benefit
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"In the past five years the average price of our Chevrolets has risen about 6 percent a year, and each year we have sold 10 percent more cars than the previous year." How can this car dealer sell more cars as the price of the cars increases?
What will be an ideal response?
In the short-run macro model, which of the following is the cause of cyclical unemployment?
a. It takes time for people to move to new jobs. b. Insufficient aggregate spending. c. It takes time for firms to find new employees. d. It takes time for people to retrain. e. Fewer people want to work than before.
If a firm is producing the level of output at which the total cost curve intersects the total revenue curve,
a. profit is positive b. profit is maximized c. profit is zero d. costs are minimized e. average revenue is maximized
The production possibilities curve illustrates the basic principle that
A. an economy's capacity to produce increases in proportion to its population size. B. if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced. C. an economy will automatically seek that level of output at which all of its resources are employed. D. the production of more of any one good will in time require smaller and smaller sacrifices of other goods.