If a tax is placed on perfectly competitive firms that impose external costs on society, the firm's ________ curve will shift up and the industry ________ curve will shift to the left.
A. marginal benefit; supply
B. marginal cost; supply
C. marginal benefit; demand
D. marginal cost; demand
Answer: B
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Refer to the table above. What happened to the real value of the minimum wage between 1974 and 2011?
A) It decreased. B) It remained the same. C) It increased. D) It could not be determined from the given information.
If an economy operates at a point within its production possibilities curve,
a. it lacks the resources necessary to reach the curve. b. it is utilizing all of its resources efficiently. c. it does not confront the problem of scarce goods relative to unlimited wants. d. it is not efficiently using all of its resources.
Wealth in a variety of forms such as cash, assets, real estate, and accounts receivable is called
a. stock b. flow c. assets d. b and c e. all of these
Which of the following is a nonmarket good?
A) the corn you grow in your home garden and consume B) the clothes you sew and sell to a neighbor who pays you by writing you a check C) the self-portrait hanging in your den D) a and c E) a, b, and c