Which of the following factors weakens the case for private-sector provision of goods and services as opposed to public-sector provision?
a. weak incentives for operational efficiency
b. rent-seeking
c. the shortsightedness effect
d. externalities
D
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Refer to Table 2-8. What is Wilma's opportunity cost of making a statue?
A) 1/3 of a bench B) 6/7 of a statue C) 1/2 of a bench D) 3 benches
If Kami can produce 40 tablets or 30 cellphones during a month's time, while Sally can produce 10 tablets or 20 cellphones, then it is correct to state that
A) Kami has a comparative advantage in producing tablets. B) Kami has a comparative advantage in producing both tablets and cellphones. C) Sally has a comparative advantage in producing both tablets and cellphones. D) Sally has an absolute advantage in tablets.
A profit-maximizing firm will continue to expand output:
A. as long as the revenues from the production and sale of an additional unit exceeds the average cost of the unit. B. until the average cost of producing the good or service is at a minimum. C. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. D. until the marginal cost of producing a good or service is at a minimum.
Markets require a physical location to permit sellers to supply money to buyers for goods and services.
Answer the following statement true (T) or false (F)