Merit is judged by one's ability to produce
A) what is considered useful by society.
B) what is considered valuable by society.
C) what is considered beneficial to society.
D) all of the above.
Answer: D
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In a monopoly
A) the firm is large in an absolute sense. B) the market is small in an absolute sense. C) the firm and the industry are the same thing. D) the monopolist determines how much each firm will produce.
Oligopoly: a. Does not meet the condition for allocative efficiency. b. Does not meet the condition for productive efficiency. c. May lead to greater technological progress
d. a. and b. are true, but not c.
The quantity of goods exchanged in a market will be below the equilibrium quantity
a. when the price is either held above or below the equilibrium price. b. only when the price is held above the equilibrium price. c. only when the price is held below the equilibrium price. d. only when the price is rising.
Which of the following actions could be undertaken if the government wants to reduce a recessionary gap?
A. Increase taxes more than the amount of reduction in government spending. B. Increase taxes and reduce government spending. C. Increase taxes and increase government spending. D. Reduce taxes and increase government spending.