The marginal cost curve of pollution abatement is
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
B
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A situation in which spending exceeds income is
A) average propensity to save. B) dissaving. C) the saving function. D) the consumption function.
Mark can make 3 tables and 1 chair in a day while John can make 4 tables and 1 chair in a day. Which of the following is true?
A) Mark has a comparative advantage in making tables. B) Mark has an absolute advantage in making tables. C) John has an absolute advantage in making tables. D) John has a comparative advantage in making chairs.
Which of the following would cause the money supply in the United States to decrease?
a. An increase in reserve requirements b. A decrease in the discount rate c. A purchase of U.S. government bonds by the Federal Reserve d. An increase in the world supply of gold
A perfectly competitive firm should continue to expand output until
a. total revenue exceeds total costs. b. total revenue exceeds variable costs. c. marginal revenue equals marginal costs. d. average revenue equals variable costs.