Surpluses cause prices to rise while shortages cause prices to fall
a. True
b. False
Indicate whether the statement is true or false
False
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If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year. 
A. 300; 200 B. 300; 450 C. 450; 200 D. 200; 450
Refer to Figure 2-7. Suppose worker productivity increases so that the total number of vehicles produced increases as the company adds more machinery, workers, and changes the layout of the factory. This is best represented by the
A) movement from H to J in Graph B. B) movement from G to H in Graph B. C) movement from K to L in Graph C. D) movement from E to F in Graph A.
Suppose that a firm is currently earning revenues that are smaller than its total costs. The firm's managers are trying to decide whether or not the firm should shut down in the short run
On what information should the manager's decision be based?
Receiving a voucher for an apartment in a public housing project would be an example of a good that satisfies
A) the principle of rival consumption. B) the definition of a public good. C) the definition of a good with a positive externality. D) the nonexclusion principle.