A college must decide if it wants to offer more evening and weekend classes. This decision involves answering the economic question of "for whom to produce."
Indicate whether the statement is true or false
FALSE
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Unemployment compensation payments:
A. rise during a recession and thus reduce the severity of the recession. B. rise during a recession and thus increase the severity of the recession. C. rise during inflationary episodes and thus reduce the severity of the inflation. D. fall during a recession and thus increase the severity of the recession.
Buffalo in the United States almost became extinct while cattle have never been close to extinction. The difference is due to
A) the greater marginal value of a buffalo relative to a head of cattle, leading to greater "harvesting" of buffalo. B) the use of private property rights on cattle and common property rights on buffalo. C) the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo. D) the differences in size between the two animals, and the effect of size differences on the costs of hunting them.
Direct foreign investment has been most critical for China's domestic consumer market
Indicate whether the statement is true or false
Which of the following is a TRUE statement about monopoly and perfect competition?
A. Price is always higher and output higher under monopoly than under perfect competition. B. If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition, and price may be below marginal cost instead of equal to marginal cost. C. Because costs do not depend on market structure, price is usually higher and output is always lower under monopoly than perfect competition. D. If there are substantial economies of scale, price may be lower and output greater under monopoly than under perfect competition.