In light of higher gas prices, Skip Miles asks himself if it's worth keeping his 10 cylinder Chevy Suburban. His concern is ultimately about
A) engineering efficiency.
B) economic efficiency.
C) technical efficiency.
D) environmental efficiency.
B
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If a monopoly engages in rent seeking,
i. its average total cost curve is lower than otherwise. ii. it might or might not make an economic profit depending on how many other competitors also are rent seeking. iii. it necessarily incurs an economic loss. A) i only B) ii only C) iii only D) i and ii E) i and iii
Partnerships whose members have _____ can face difficult problems operating and reaching decisions
a. diverse functions b. specialized functions c. multiple functions d. limited functions
The aggregate demand curve
a. represents the relationship between prices and quantities of all goods produced in an economy b. is derived from equilibrium conditions in the labor and money markets c. gives the equilibrium level of real GDP corresponding to a given price level d. is the sum of an economy's individual demand curves e. plots the interest rate as a function of output
Consider a perpetual bond that pays $150/yr to its owner. What would be the price of the consol if the interest rate is 2 percent?
A. $30 B. $75 C. $3 D. $7,500