Public goods like roads can be privatized by spending money on their repair
a. True
b. False
Indicate whether the statement is true or false
False
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Commodities that last less than three years and may be consumed very quickly are called:
A) durable goods B) nondurable goods C) services D) none of the above
If a firm must produce a significant share of market output before low average costs can be achieved, the structure of this industry will tend to be
a. monopolistic competition b. perfect competition c. oligopoly d. either monopolistic competition or oligopoly e. either perfect competition or monopolistic competition
Firms maximize profits when marginal revenue equals marginal cost
Indicate whether the statement is true or false
Country A has twice as many workers as Country B. Country A also has twice as much physical capital, twice as much human capital, and access to twice as many natural resources as Country B. Assuming constant-returns to scale, which of the following is higher in Country A?
a. both output per worker and productivity b. output per worker but not productivity c. productivity but not output per worker d. neither productivity nor output per worker