All of the following are assumed to be constant when the supply curve for a product is drawn, except the:
A. Price of the product
B. State of technology
C. Number of producers
D. Price of inputs used to make the product
Answer: A
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When government levies pollution taxes on sellers to eliminate the inefficiency from the cost of pollution, the result is
A) a lower price. B) a smaller quantity produced. C) a smaller cost of production. D) a rightward shift of the supply curve. E) leftward shifts of the supply and demand curves.
The HPAE "economic miracle" illustrates a clear case in which
A) exports and growth were positively related. B) exports were promoted by successful economic growth. C) economic growth was determined by successful export promotion. D) trade policy dominated other considerations in promoting economic growth. E) import substitution enhanced economic development.
The marginal cost will intersect the average variable cost curve
A) when the average variable cost curve is rising. B) where average variable cost curve equals price. C) at the minimum point of the average variable cost curve. D) The two will never intersect.
Countries that engage in specialization and trade can consume at a level beyond their production possibilities frontier
Indicate whether the statement is true or false