Total variable costs
A. initially increase as output increases, and then decrease.
B. always increase with output.
C. initially decrease and then increase with output.
D. always decrease with output.
Answer: B
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National debt can be defined as:
a. the total money supply in the economy. b. the total stock of government bonds outstanding. c. the difference between real GDP and potential GDP. d. the change in fiscal deficit that results from an increase in government spending. e. the total volume of private investment in the country.
Free ridership is associated with market failure, resulting in lower than efficient prices and higher than efficient quantities
Indicate whether the statement is true or false
The story in the textbook about helium, hydrogen, and the German zeppelin program is meant to illustrate the importance of
a. patents b. potential entry c. acquisition of competitors d. exclusive access to resources e. oligopoly
If an increase in consumer incomes causes the demand curve for product Q to shift to the right, then it can be said that product Q is a(n):
a. Inferior good b. Normal good c. Luxury good d. Inexpensive good