When it comes to ________ goods, it is important to remember only one level of output can be realized and consumers are ________ for that level.
A. public; willing to pay different amounts
B. private; only willing to pay the same amount
C. public; only willing to pay the same amount
D. private; willing to pay different amounts
Answer: A
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Relative prices are an effective way of informing producers of
A) their marginal benefits of production. B) their marginal costs of production. C) both A and B. D) none of the above.
The phrase "demand has decreased" means that
A) there has been an upward movement along a demand curve. B) a demand curve has shifted to the right. C) a demand curve has shifted to the left. D) there has been a downward movement along a demand curve.
A firm cannot control all of the factors that allow it to make economic profits. Which of the following is an example of an uncontrollable factor?
A) hiring competent managers B) input prices C) product differentiation D) producing at a lower average total cost than competing firms
Which of the following does Gordon believe people consider the single most important macroeconomic issue today?
A) inflation B) poverty C) unemployment D) low productivity