The short-run supply curve shows the ______ that the firm will supply at various prices in the short run.
a. marginal efficiency
b. equilibrium efficiency
c. marginal output
d. equilibrium output
d. equilibrium output
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The original reasons for founding the colony of Georgia do not include:
a. alleviating London of some of its poorer people. b. being a partial remedy to the injustice of debtor prisons. c. providing a buffer between the English and Spanish colonies. d. being a scheme to take advantage of desperate families.
Which of the following was a key belief of Adam Smith?
a. he felt that human goodness would provide adequate goods and services to everyone. b. he stressed that limited exchange and command economies would prevent the exploitation of the poor. c. he believed that individuals pursuing their own interests would direct economic activity in the most advantageous way. d. he lectured about the importance of gold and silver in providing a stable monetary system.
Which of the following statements is correct?
a. Economists almost always find it easy to conduct experiments in order to test their theories. b. Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories. c. Economics is a social science rather than a true science because it cannot employ the scientific method. d. Economists are usually not able to conduct experiments, so they must rely on natural experiments offered by history.
According to the loanable funds model, which of the following events would result in higher interest rates and greater saving?
a. Firms become pessimistic about the future and, as a result, they cut back on their plans to buy new equipment and build new factories. b. The government goes from running a budget deficit to running a budget surplus. c. Congress passes a reform of the tax laws that encourages greater saving. d. Congress passes a reform of the tax laws that encourages greater investment.